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Saturday, December 23, 2017

Cranston, RI showing strong financial management

CRANSTON, RI—Cranston Mayor Allan W. Fung is highlighting the recently-completed fiscal 2017 audit of the city’s finances that shows Cranston continues on a path of strong financial management.

The audit, completed by the city’s outside auditing firm, Marcum, LLP, shows that the city ended with a $123,000 operating surplus despite reductions in state aid, state payments in lieu of taxes at the Pastore complex and higher-than-expected snow removal costs last winter. The reduction in state aid totaled nearly $900,000 alone.

“The results of this year’s audit shows Cranston finished another year in the black and continues on a path of stable finances and strong fiscal management,” commented Mayor Fung. “We have another cumulative surplus and were able to continue adding to our rainy day fund, which, at more than $20 million, remains one of the largest of any Rhode Island municipality. I thank our team in the Finance Department, the City Council and all city employees who work together to provide quality services to our residents and ensure we spend taxpayer dollars wisely.”

A copy of the audit can be viewed here: http://web.cranstonri.org/Clerkdocs/Audit/Audit2017.pdf