Another Surplus for Woonsocket
October 26, 2017
Contact: Mayor Lisa Baldelli-Hunt
lbaldellihunt@woonsocketri.org; phone 401-767-9205
Another Surplus for Woonsocket
CITY OF WOONSOCKET FISCAL YEAR 2017 PRELIMINARY RESULTS
City and Education Department End Fiscal Year 2017 with Surplus
WOONSOCKET, R.I. – Mayor Lisa Baldelli-Hunt announced today that the City and Education Department ended Fiscal Year 2017 with a combined operating surplus of over $1.7 million. The City’s projected 2017 operating surplus of approximately $1 million will result in a $5.7 million cumulative unassigned fund balance. The Education Department finished the fiscal year with an operating surplus of over $700,000 and an available cumulative fund balance of approximately $3.5 million.
The Fiscal Year 2017 financial results announced by both the City and Education Department are unaudited and will be confirmed by the City’s independent auditors later in the year.
Mayor Baldelli-Hunt said that the significant surpluses, achieved in a year where the City’s tax rates were decreased, represented the “continuation of a successful fiscally conservative approach to running the City and the School Department.” The Mayor attributed the positive City operating results to “an unyielding commitment by all members of my administration to budget correctly, scrutinize all spending, work to stimulate residential and business development, and tenaciously collect all taxes that are owed to us.” The Mayor added, “This is the fourth consecutive year that Woonsocket has achieved an operating surplus and while we still face important economic challenges, we have sent a strong message to our residents, our businesses and the rating agencies that we are going to do everything possible to keep the City moving in the right direction.”
City Finance Director Christine Chamberland indicated that the City’s much improved surplus fund balance position has “stabilized cash flow, and has given the City a needed cushion to guard against unexpected, negative, financial events.” Chamberland emphasized, “We have all worked hard to get our fiscal situation on the right track and we now are on a much stronger financial foundation to meet future challenges.” School Finance Director Brad Peryea stated that the Education Department’s operating surplus shows its commitment to “watching expenditures closely and meeting our budget responsibilities.” Peryea further maintained, “I work hand-in-hand with the City’s administration to make certain that our education initiatives move forward in a fiscally responsible manner.”
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