Puffing up the positive news is the fact that revenues were $23.9 million more than estimated, which means that this past fiscal year could be considered a turning point for a state that has perennially been saddled with budgetary woes.
The figures come from the Department of Administration’s Office of Accounts and Control’s preliminary closing statement, which also reveals that the state’s budget reserve and cash stabilization account is “fully funded” with a $185.4 million and the capital plan fund balance is $132.6 million, said Governor Gina Raimondo.
Raimondo said the good budget news is a reflection of aggressive cost-saving measures and careful planning.
The positive revenues might also be a reflection of the slow and steady recovery in the Rhode Island jobs market.
“In my jobs plan, I made it clear it is time to reinvigorate Rhode Island and state government with fresh ideas and new ways of doing things so that we can enhance accountability, control costs, and get better results for our citizens,” said Raimondo. “We’re focused on improving efficiency within our agencies, modernizing our way of doing business, and increasing collaboration throughout state government - we’re already seeing results. I am grateful for the work of all of my cabinet directors and all state employees on these efforts.”
Still, it’s not the end of the bumpy road for Rhode Island. The state is still looking at a “large” deficit for fiscal 2017, Raimondo said, and tough decisions will have to be made to get rid of the structural deficit for good.
According to the report, most budgeted line items cost less than anticipated with a few notable exceptions, such as the lottery division, which had a more than $4.1 million shortfall thanks to declining revenue at Newport Grand and Twin River, and a $2 million shortfall in the budget of the Dept. of Behavioral Healthcare, Developmental Disabilities and Hospitals.
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