Rhode Island on track for $32M budget surplus
PROVIDENCE, R.I. (AP) — Rhode Island is on pace to finish the current fiscal year with a $32 million budget surplus, a sharp turnaround from the $60 million deficit that was projected in November.
WPRI-TV reports that state budget officer Tom Mullaney says revenues are now expected come in $65 million above forecasts and spending by state agencies will fall short of his projections from the fall. His report released Wednesday says the agencies are still expected to spend $43 million above their budgets.
Much of the overspending comes from social services, including the state Department of Children, Youth and Families. Mullaney noted, however, that increased spending on foster care is in line with the agency’s mission of protecting children.
The state’s 2017-18 fiscal year ends June 30.
Information from: WPRI-TV, http://www.wpri.com