PROVIDENCE, R.I. (WPRI) — Rhode Island’s state government remains in the black, despite concerns on Smith Hill about the end of federal pandemic relief funding.
The state is currently on track to finish the current 2024-25 fiscal year with a modest surplus of $77 million when the books close next June, according to a new report issued by state budget officer Joe Codega. That amount represents a little over 1% of total authorized spending out of the state General Fund for this year.
The $77 million surplus for this fiscal year would be a reduction compared with the 2023-24 fiscal year, which closed on June 30 with a $292 million budget surplus. It’s also well down from the unusually large surpluses the state ran during the pandemic.
The new projection is based on actual spending over the summer, plus updated forecasts for revenue and social services, as well as money carried over from last year’s surplus. Revenue for the fiscal year is now expected to come in $68 million higher than previously estimated, while social services are set to cost $23 million less.