Auditor general: R.I. ends fiscal 2013 in the black

R.I. AUDITOR GENERAL Dennis E. Hoyle released the state audit for the fiscal year 2013 on Monday.  / COURTESY WIKIPEDIA/CHENSIYUAN
R.I. AUDITOR GENERAL Dennis E. Hoyle released the state audit for the fiscal year 2013 on Monday. / COURTESY WIKIPEDIA/CHENSIYUAN

PROVIDENCE – Rhode Island state revenue exceeded its expenditures by $28 million in fiscal 2013, according to the annual state audit released by R.I. Auditor General Dennis E. Hoyle on Monday.

Rhode Island added $370 million in net assets in the fiscal year ended June 30, 2013, bringing the state’s total net assets to $3.7 billion. Long-term liabilities totaled $3.1 billion, according to the audit.

The state’s general fund balance at the end of the fiscal 2013 was $401 million, of which $104 million was available for appropriation in fiscal 2014. The primary sources of general fund revenue and other revenue were taxes (45 percent) and federal grants (37 percent). At the end of fiscal 2012 the general fund balance totaled $373 million.

The state’s “rainy day” account ended fiscal 2013 with a balance of $172 million, up from $153.4 million at the end of fiscal 2012.

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Through reduced unemployment benefit expenditures and increased tax revenue, Rhode Island was able to reduce the amount owed to the federal government’s Unemployment Insurance Trust Fund to $155 million from the $224.7 million owed at the end of fiscal 2012 to help cover $541 million in unemployment insurance expenses.

The state unemployment insurance account ended the fiscal year with an $81 million deficit, down from a $151.5 million deficit at the end of fiscal 2012.

At the end of the fiscal year, the Rhode Island pension system covering state workers and teachers was 57.8 percent funded, according to the audit, while the funds covering state police and judges were 89.6 percent and 83.4 percent funded, respectively.

At the end of fiscal 2012, the state workers and teachers pensions were 58.8 percent funded, while the state police pensions were 98.6 percent funded and the judges pensions were 86.1 percent funded.

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