State audit shows general fund revenue exceeded expenditures by $106.5M

PROVIDENCE – An audit of the state’s financial statements for the fiscal year ended June 30 showed that general fund revenue and other sources exceeded expenditures and transfers by $106.5 million, the Office of the Auditor General said this week.
The annual audit, which is required by the state’s General Laws, said the “rainy day” account had a balance of $185.5 million at the end of the fiscal year, and that $132.6 million is available in the R.I. Capital Plan Fund for future capital projects.
The independent auditor’s report is prepared by Auditor General Dennis E. Hoyle and is included in the state’s Comprehensive Annual Financial Report, which features financial information on all funds and accounts of the state for the fiscal year, including quasi-public entities such as the University of Rhode Island, Rhode Island College, the R.I. Resource Recovery Corp. and Rhode Island Housing.
Here are some report highlights:

  • The fund balance of the state’s general fund was $501.9 million as of June 30, of which $167.2 million was appropriated, or available for appropriation, in fiscal 2016. Primary sources of general fund revenue and other sources were taxes (44 percent) and federal grants (40 percent).
  • Rhode Island lottery transfers totaled $381.9 million, an increase of $5.6 million compared with fiscal 2014.
  • General fund expenditures totaled $6.3 billion, of which the human services and education categories totaled $3.7 billion and $1.4 billion, respectively.
  • Federal grant revenue, within the general fund, totaled $2.6 billion, an increase of $273.5 million, or 11.7 percent, over fiscal 2014 largely due to Medicaid expansion under the Affordable Care Act and reimbursement of HealthSource RI expenditures.
  • Beginning net position was restated to recognize the net pension liability for defined benefit pension plans as required by the implementation of new pension accounting standards issued by the Governmental Accounting Standards Board. Beginning net position (primary government) was decreased by $2.9 billion.
  • For fiscal 2015, government-wide net position (deficit) of the primary government increased by $473 million, reducing the net deficit to $524 million as of June 30. This amount includes governmental and business-type activities (lottery, R.I. Convention Center and employment security).
  • Long-term liabilities, including bonds payable and net pension liabilities of the primary government, totaled $5.9 billion.
  • Net pension liabilities included in the 2015 financial statements totaled $2.9 billion at the June 30, 2014, measurement date. This amount is the combined liability for six defined benefit plans covering state employees and the state’s proportionate share of the net pension liability for teachers ($990 million).

The state’s CAFR can be found HERE.
The Auditor General’s website includes a document highlighting parts of the CAFR, which can be found HERE.

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