What Would You Do With the State's Surplus? [Poll]
The state finished the end of Fiscal Year 2011 with a reported $85 million.
Rhode Island Auditor General Dennis Hoyle announced this week that the state ended Fiscal Year 2011 with an $85 million surplus. The number was reported as part of Hoyle's annual audit, known as the State’s Comprehensive Annual Financial Report (CAFR).
The $85 million includes General Fund revenues and other sources. The General Fund consisted primarily of taxes (42 percent) and federal grants (41 percent). Within the General Fund, $64.2 million of fund balance was available for appropriation in Fiscal Year 2012.
"It was anticipated that 2011 would close with a surplus," said Greg Pare, Director of Senate Communications. Of the $64.2 million available for appropriation in 2012, about $57.2 million has been applied to balancing FY 2012, he said.
That leaves $7 million, which will be applied to revenue for FY 2013, Pare said.
If you had a say in how the state applied the remaining surplus, or the whole thing, what would you have suggested?
Vote in our poll and share your thoughts in the comments section below.