Rhode Island ends budget year with $63.9M surplus

PROVIDENCE — After a yearlong roller-coaster ride, the State of Rhode Island ended its previous budget year on June 30 with a $63.9-million surplus.

Anticipating a surplus, state budget-writers built $49.7 million of that anticipated surplus into the new spending plan they crafted for the new fiscal year that began July 1. But that still gives the Raimondo administration — facing warnings of potential budget woes ahead — about $14.2 million to spare.

The numbers are contained in a preliminary — and unaudited — closing statement issued by the state controller’s office.

In summary, state Controller Peter B. Kennan reported that state revenue collections were $16.2 million higher than estimated, and spending $16.2 million less than projected.

Read more: http://www.providencejournal.com/news/20170901/ri-ends-budget-year-with-639m-surplus