Rhode Island likely to finish budget year with $24M surplus
PROVIDENCE, R.I. (AP) — Despite millions in overspending by some state agencies, Rhode Island is projected to end the budget year with a $24 million surplus.
The fiscal year ends June 30.
The news comes from a report issued Wednesday by state budget officer Tom Mullaney.
WPRI-TV reports that Mullaney predicted last fall that the state was headed for a $42 million deficit.
State agencies are still overspending, but numbers have improved.
Mullaney says agencies are on track to overspend by about $16 million, down from $51 million last fall.
Most of the agency deficits are in social services.
Top Democrats in the State House are currently in negotiations over the next budget.
Legislators have been holding hearings on Gov. Gina Raimondo’s nearly $10 billion budget proposal since it was introduced in January.