Raimondo: Rhode Island Spent $22M Less in FY2015 than Budgeted

PROVIDENCE, R.I. — Rhode Island ended fiscal 2015 with a $166.4 million general fund surplus, Gov. Gina Raimondo announced.

General revenue expenditures were $21.5 million less than budgeted and general revenues were $23.9 million more than estimated, according to the governor, who cited the closing statement issued by the Department of Administration's Office of Accounts and Control.

"In my jobs plan, I made it clear it is time to reinvigorate Rhode Island and state government with fresh ideas and new ways of doing things so that we can enhance accountability, control costs, and get better results for our citizens," Raimondo said Sept. 1.

The closing statement also shows the budget reserve and cash stabilization account is fully funded with a $185.4 million balance. The Rhode Island capital plan fund available balance is $132.6 million, said Raimondo.

Moody's Investors Service rates Rhode Island's general obligation bonds Aa2. Fitch Ratings and Standard & Poor's rate them AA.