WITH PRELIMINARY FIGURES showing a surplus for fiscal 2014 of $68 million, the fourth year in a row the state spent less than it took in, Gov. Lincoln D. Chafee is "proud" of the administration for supplying "strong fiscal management."
PROVIDENCE – Rhode Island ended fiscal 2014 with a surplus balance of $68 million, $8.8 million more than estimated in the budget, Gov. Lincoln D. Chafee announced Friday.
The state spent $16.1 million less than budgeted and took in $20.3 million more in revenue than expected, according to preliminary financial figures.
The budget reserve and cash stabilization account was fully funded at $177 million and the R.I. Capital Plan Fund balance stands at $124.4 million.
The state has finished the fiscal year with a surplus in each of the last three fiscal years.
The fiscal 2011 surplus was $64.2 million
The fiscal 2012 surplus was $115.2 million
The fiscal 2013 surplus was $104.1 million
“I am proud that my administration has set a strong platform for the next governor,” said Chafee. “For the last two years, my administration has submitted a balanced budget on time and now, due to the strong fiscal management exhibited by our state agencies, we can announce that this is the fourth year in a row with state agencies coming in under budget.”