Independent auditor reports $1.1M budget surplus for fiscal 2014 for Providence

PROVIDENCE – The mayor’s office has reported a $1.1 million operating surplus for the city for fiscal 2014, as shown in its annual financial audit conducted by independent accounting firm Marcum LLC.
The audit was filed with City Council, and submitted to the R.I. Auditor General as required by state statute.
Said Mayor Angel Taveras, “Together we worked successfully to move Providence forward and can take pride in leaving our city stronger than it was in January 2011.”
He said that the $1.1 million operating surplus marked the second year in a row that the city ended its fiscal year in the black, and reduced the cumulative deficit remaining from the city’s “Category 5 fiscal hurricane,” as Taveras characterized it at the time, to $8.6 million.
The city’s $662 million budget in fiscal 2014 included more police and fire recruits, additional education funding and investments in Providence’s road improvement project, while “holding the line on commercial property taxes,” the mayor’s office said.
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 fiscal 2014 financial audit is available HERE.

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