government

State ended FY11 with $85M surplus

Posted 1/10/12

PROVIDENCE – The state took in $85 million more than it spent during the fiscal year that ended in June and had $130.3 million in its “rainy day” fund, Acting Auditor General Dennis E. Hoyle said in the annual audit of Rhode Island’s financial statements.

The state’s total net assets increased by $140.5 million in fiscal 2011, the audit said, and as of June 30, 2011, there was $271 million in the general fund account. Of that total, $64.2 million is available to be spent in fiscal 2012, with the rest restricted for specific purposes.

Of the total general fund revenue, 42 percent came from taxes while 41 percent came from federal grants.

Assets in the state pension system increased by $912 million during the fiscal year as a result of investment income, bringing the total in the retirement account to $7.5 billion as of June 30, 2011.

Based on 2010 actuarial data updated to reflect the pension overhaul legislation passed in November, the state’s pension plan for teachers and state workers is 61 percent funded, according to the audit.

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