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Independent Financial Audit Confirms Woonsocket Fiscal Year 2021 General Fund Surplus for City and School

Posted on: April 13, 2022 - 3:20pm

April 13, 2022
Contact: Christine Chamberland, Finance Director
cchamberland@woonsocketri.org; 401-767-9265

Independent Financial Audit Confirms Woonsocket Fiscal Year 2021 General Fund Surplus for City and School

WOONSOCKET, R.I.: Woonsocket Mayor Lisa Baldelli-Hunt today announced that the City’s financial statement audit for the fiscal year-ending June 30, 2021, has been completed and submitted to the State Auditor General’s Office. In a clean, unqualified opinion the independent audit firm of Hague, Sahady & Co., P.C., affirmed that the General Fund for both the City of Woonsocket and the Woonsocket Education Department (WED) ended the fiscal year with budgetary surpluses of $1,016,581 for the City and $205,065 for the WED.

The Mayor indicated the City surplus could be used to augment the provision of services such as road repair, revitalize decaying infrastructure, pay off debt, or cover for increased healthcare costs incurred by City employees since the start of the pandemic.

Mayor Baldelli-Hunt stated, “I am pleased that in fiscal year 2021 we were able to overcome numerous COVID-19 related obstacles, demands and disruptions and generate another City budgetary surplus. The Mayor added, “The operational efficiencies and budgetary controls that the City instituted in previous years have helped us deal with the day-to-day fiscal uncertainties brought on by the pandemic.”

The Mayor praised the work done by City Finance Director Christine Chamberland and WED Finance Director Brad Peryea in keeping their respective finance divisions operating at a high level during fiscal year 2021, and successfully completing the financial audit. The Mayor stated, “I commend Christine and Brad for their dedication and hard work throughout the year in maintaining their respective departments at a high operating level, and for the fact that they were able to meet many challenges, including staffing outages due to the pandemic, and produce a successful audit.”

A copy of the City of Woonsocket, Annual Financial Report for the Year Ending June 30, 2021, can be found on the City’s website at www.woonsocketri.org.

 

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