Providence nets $1.1 million budget surplus

City of Providence Independent Auditor Reports $1.1 Million Budget Surplus for FY2014

PROVIDENCE
– The City of Providence Wednesday reported a $1.1 million operating surplus for FY2014.The results of the fiscal year that ended on June 30 were outlined in the city's annual financial audit, conducted by independent accounting firm Marcum LLP and filed today with the City Council as well as submitted electronically to the Rhode Island Auditor General as required by state statute.

"What we have accomplished together in the last four years is remarkable and comes as a result of hard work, discipline and shared sacrifice," said Mayor Taveras. “Together we worked successfully to move Providence forward and can take pride in leaving our city stronger than it was in January 2011.”

The $1.1 million operating surplus marked the second year in a row the City ended its fiscal year in the black, and reduced the cumulative deficit remaining from the City's Category 5 fiscal hurricane to $8.6 million. Fiscal year 2014 also marked the second year in a row that the Taveras administration produced an operating surplus despite the Internal Auditor's projections that the City would end those fiscal years with deficits in the tens of millions.

The City's $662 million budget in FY2014 included public safety investments in a new class of police and fire recruits, increased education funding, investments in Providence's road improvement project while holding the line on commercial property taxes.

In June, Standard & Poor's upgraded Providence's credit rating outlook to positive, citing the city's “strong budgetary performance and improving general fund balance.”

A copy of the full FY2014 financial audit is available at: http://www.providenceri.com/finance/financial-reports.

(release from City of Providence)