Raimondo Announces State Ended FY 2016 With $44 Million in Additional Surplus

PROVIDENCE, R.I. – Governor Gina M. Raimondo today announced that the Fiscal Year 2016 Preliminary Closing Statement, issued by the Department of Administration’s Office of Accounts and Control, shows the state ended FY 2016 with a $167 million General Fund surplus – $44 million more than anticipated. General revenue expenditures were $16.2 million less than budgeted and general revenues were $28.6 million more than estimated.

«I’m relentlessly focused on creating jobs that pay and skills that matter to build a stronger Rhode Island economy. But to do that, we need a solid foundation: a government that is fiscally responsible and a predictable environment that is good for business,» Raimondo said. «Today’s numbers are an important piece of that work, and I thank my cabinet directors and all state employees for their efforts to make state government move faster, better and cheaper. By innovating in government, strengthening accountability, and taking a fresh look at how we do business, we can deliver better results for all Rhode Islanders.»

«We still face a large projected deficit for FY 2018,» Raimondo added, «but I’m pleased to see the good work happening by dedicated staff across government to tackle costs – and we’re going to keep going.»

You can view the full FY 2016 Preliminary Closing Statement by clicking the link here.