Chafee: Rhode Island Ended FY14 with $68M Surplus

Rhode Island ended fiscal 2014 with a $68 million general fund surplus, said Gov. Lincoln Chafee.

General revenue expenditures were $16.1 million less than budgeted, Chafee said Aug. 29, citing a report from the Department of Administration's office of accounts and control.

For each year of the current administration's term, said Chafee, the state's general revenue expenditures have been less than budgeted appropriations — by $18 million in 2011, $29 million in 2012 and $17.8 million in 2013.

In addition, the fiscal 2014 preliminary closing statement showed the budget reserve and cash stabilization account is fully funded with a balance of $177 million. The Rhode Island capital plan fund available balance is $124.4 million.

Chafee, elected in 2010, is not seeking re-election.

Moody's Investors Service rates Rhode Island general obligation bonds Aa2. Fitch Ratings and Standard & Poor's rate them AA.