Cranston Audit: City Posts Surplus Despite Cut In State Aid

CRANSTON, RI—Cranston Mayor Allan Fung's office said Friday that the City will close out 2017 in the black. Citing a recently completed fiscal 2017 audit, the mayor and his staff said Cranston will even post a surplus. Fung went on to say the financial report "shows Cranston continues on a path of strong financial management" and does so in spite of state government cuts that cost residents almost a million dollars.

According to the City’s auditing firm, Marcum, LLP, Cranston ended the year with a $123,000 operating surplus.

“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," Fung said.

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