PROVIDENCE – Fiscal 2019 General Fund revenue exceeded spending and transfers by $8.5 million, according to an audit report released by the General Assembly on Tuesday.
The R.I. Auditor General report said that the state’s “rainy day” fund had a balance of $203.9 million at the end of the fiscal year. The RI Capital Plan Fund was funded at $96.9 million at that time.
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The state’s government-wide deficit thinned from $367.8 million to $265.5 million year over year.
Other details from the Independent Auditor’s Report:
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- Rhode Island’s General Fund totaled $371 million on June 30, with $25.5 million appropriated for the fiscal 2020 budget and $5 million set for future appropriation.
- Lottery transfer was $397.3 for the fiscal year, an 8.8% increase year over year.
- General Fund expenditures were $7.2 billion for the year, of which human services accounted for $4 billion. Education accounted for $1.6 billion in expenditures.
- Federal grant revenue totaled $2.8 billion, $82.1 million more than the previous fiscal year. Federal grants comprised 39% of all revenue, while taxes supported 44%.
- Long-term liabilities totaled $7.5 billion at the end of the fiscal year.
- Net pension liabilities were $3.6 billion at the end of the fiscal year.
