RI’s General Fund Expenditures & Transfers Exceeds Revenues by $31 Million

Wednesday, January 09, 2019

 

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The Office of the Auditor General released its annual audit of the State of Rhode Island’s financial statements for the fiscal year ending on June 30, 2018.

The audit found that General Fund expenditures and transfers exceeded revenues and other sources by $31.3 million for 2018.

Click here to read the report

RI’s Audit

According to the report, the Budget Reserve and Cash-Stabilization or “Rainy Day” fund was fully funded in compliance with the General Laws and had a balance of $198.5 million at June 30, 2018, while $131 million was available in the RI Capital Plan Fund for future capital projects.

Fund balance of the state’s General Fund totaled $358.7 million at June 30, 2018, of which $31.3 million has been appropriated in support of the fiscal 2019 budget and $21.3 million is available for future appropriation.

The primary sources of General Fund revenue and other sources were taxes (44 percent) and federal grants (40 percent).

When it comes to the Rhode Island Lottery, transfers totaled $365 million, an increase of $2.3 million compared to fiscal 2017.

General Fund expenditures totaled $7.0 billion, of which the human services and education categories totaled $3.9 billion and $1.6 billion, respectively. 

Federal grant revenue, within the General Fund, totaled $2.7 billion, an increase of $18 million over fiscal 2017.

Fiscal 2018 state employer contributions to the defined benefit pension plans totaled $282.7 million, including $98.1 million as the state’s share for teachers.

Annual Audit

The Independent Auditor’s Report, prepared by Auditor General Dennis E. Hoyle and included in the state’s Comprehensive Annual Financial Report (CAFR), is unmodified, indicating that the financial statements present fairly the financial position and changes in financial position of the state of Rhode Island in conformity with accounting principles generally accepted in the United States of America.

The annual audit of the state’s financial statements is required by the state’s General Laws.

The Independent Auditor’s Report is directed to the Finance Committee of the House of Representatives and the Joint Committee on Legislative Services – those vested with official oversight of the annual audit.

 

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