Year ends with $68M surplus; most already used

PROVIDENCE, R.I. (AP) — The state of Rhode Island ended the last fiscal year with a $68 million surplus, though $59 has already been used to close a hole in the General Assembly’s current year spending plan.

Gov. Lincoln Chafee said Friday general revenue expenditures were $16.1 million less than budgeted for the year that ended June 30. Some $59 million of the surplus was already factored in to balance the fiscal 2015 budget enacted earlier this year.

The governor’s office said this is the fourth year the state has closed with a surplus. It was $64.2 million in fiscal year 2011, $115.2 million in 2012 and $104.1 million in 2013.

Chafee says agency directors and employees deserve significant credit for spending less than provided for in the enacted budget.

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