Auditor general releases R.I. 2012 fiscal year audit

R.I. AUDITOR GENERAL Dennis E. Hoyle released the state audit for the fiscal year 2012 on Friday.
Posted 1/4/13

(Updated, 4:46 p.m.)

PROVIDENCE – Rhode Island’s state government spent $102.3 million less than it raised in fiscal 2012, according to the annual state audit released by R.I. Auditor General Dennis E. Hoyle on Friday.

Rhode Island’s total net assets increased by $279 million in fiscal 2012, which ended June 30, 2012. The state had net assets of $3.4 billion at the end of the year and $3.1 billion in outstanding liabilities, according to the audit.

The state’s general fund balance at the end of the fiscal 2012 was $373 million, of which $115 million was available for use in fiscal 2013.

The state “rainy day” account ended fiscal 2012 with a balance of $153.4 million.

The state incurred $541 million in unemployment insurance expenses in fiscal 2012 and had to borrow $224.7 million to cover them from the federal government’s Unemployment Insurance Trust Fund. The state unemployment insurance account ended the fiscal year with a $151.5 million deficit.

At the end of the fiscal year, the Rhode Island pension system covering state workers and teachers was 58.8 percent funded, according to the audit, while the funds covering state police and judges were 98.6 percent and 86.1 percent funded respectively.

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