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Rhode Island state budget (2010-2011)

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Note: This article was last updated in 2011. Click here for more recent information on state budgets and finances.


Rhode Island addressed a deficit of $427 million for FY 2011 with a $7.8 billion budget bill passed in June 2010.[1][2]

Rhode Island had a total state debt of $9,087,812,958 when calculated by adding the total of outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap as of July 2010.[3]

2011 State spending & deficit in billions[4]
Total spending Human services Education Government Protection Transport Natural Resources
$7.5 $2.96 $2.1 $1.4 $0.45 $0.42 $0.097
2011 Local spending & deficit in billions[5]
Total spending Pension Healthcare Education Welfare Protection Transport Debt
$4.1 $0.2 $0 $2.1 $0.2 $0.7 $0.2 $2.6

Fiscal Year 2011 State Budget

See also: Archived Rhode Island state budgets

Find the state’s FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government online.[6]

In June 2010, the General Assembly passed a $7.8 billion state budget for 2010-11, which was crafted to close both a $182 million deficit for FY2010, which ended June 30, 2010, and a projected $386 million shortfall for FY 2011, which started on July 1, 2010.[1] State retirees were also made to wait until age 65 to get their first increase.[7]

Budget background

See also: Rhode Island state budget and finances

The June 2009 finalized FY 2010 expenditures were set at $7.81 billion. The General Revenue budget was $3 billion. The budget incorporated $633.5 in federal stimulus money, $189.3 of which was directly for state budget relief.[8][9]

Rhode Island's fiscal year begins July 1 and ends June 30 of the following year. According to the state Constitution, every year the Governor must present a spending recommendation to the Legislature. However, prior to the Governor's presentation to the Legislature on the third Thursday in January, the Governor reviews individual agency requests along with past and present expenditure and revenue data. Both the Senate and the House use the following months to making necessary adjustments to the proposed budget bill. Once both houses approve a final budget the bill returns to the Governor who may veto legislative appropriations. The Legislature may override any veto by a two-thirds majority vote.[10]

Budget figures

The following table provides a history of Rhode Island's expenditures and gross domestic product (GDP).

Fiscal Year Expenditures (billions) GDP (billions)
2000 $6.4[11] $33.6[11]
2001 $7.2[11] $35.1[11]
2002 $7.9[11] $36.9[11]
2003 $8.4[11] $39.4[11]
2004 $8.9[11] $42.1[11]
2005 $9.2[11] $43.1[11]
2006 $9.6[11] $45.7[11]
2007 $10.1[11] $46.9[11]
2008 $10.5[11] $48.1[11]
2009 $11.0*[11] $49.3*[11]

Accounting principles

The Rhode Island Auditor General was the State of Rhode Island's legislative auditor, conducting financial and performance audits to provide independent information to the General Assembly on a variety of topics including the State's financial condition, its use of federal funds in compliance with federal law and regulations, and whether programs were operating efficiently and effectively. The audit reports were published online. Ernest A. Almonte had been the Auditor General of the State of Rhode Island since 1994.[12]Cite error: Closing </ref> missing for <ref> tag

Credit Rating Fitch Moody's S&P
Rhode Island[13] AA- Aa3 AA

See also

Rhode Island state budget and finances

Footnotes

  1. ↑ 1.0 1.1 Providence Business News "Gov. OKs $7.8B budget despite concerns" June 10, 2010
  2. ↑ The Providence Journal "Budget deficit less than expected" May 11, 2010
  3. ↑ State Budget Solutions “States Hide Trillions in Debt” July 22, 2010
  4. ↑ State of Rhode Island Budget Office, FY2011 Budget Overview
  5. ↑ USA Spending, State Guesstimated* Government Spending
  6. ↑ FY 2011 CAFR
  7. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named steps
  8. ↑ House Fiscal Advisory Staff, "Budget as Enacted Fiscal Year 2010," August 19, 2009
  9. ↑ FY 2010 state budget
  10. ↑ State of Rhode Island, "Budget process primer," accessed April 19,2009 (dead link)
  11. ↑ 11.00 11.01 11.02 11.03 11.04 11.05 11.06 11.07 11.08 11.09 11.10 11.11 11.12 11.13 11.14 11.15 11.16 11.17 11.18 11.19 US Government Spending, "Rhode Island State and Local spending," accessed April 15,2009
  12. ↑ Rhode Island Office of Auditor General Web site, accessed November 10, 2009
  13. ↑ State of Indiana, “State Credit Ratings-as of June 24, 2009"
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