Woonsocket Fiscal Year 2022 General Fund Surplus Affirmed by Independent Auditors

Contact: Mayor Lisa Baldelli-Hunt lbaldellihunt@woonsocketri.org; (401) 767-9205

WOONSOCKET, R.I.: Mayor Lisa Baldelli-Hunt announced that the City of Woonsocket’s financial statement audit for the fiscal year ended June 30, 2022, has been released and submitted to the State Auditor General Office. In an unqualified opinion, the independent audit firm of Hague, Sahady & Co affirmed that the City ended the year with a $340,262 general fund surplus, and the Woonsocket Education Department had a surplus of $103,413.

The Mayor stated, “Our operating surpluses over the years have resulted in positive outcomes for Woonsocket including bond rating upgrades, business growth throughout the City, expansion of residential home building, and lower property taxes.” The Mayor added, “I am pleased that in fiscal year 2022 we were able to overcome disruptions and turmoil due to the removal hearings against me by some members of the prior City Council and generate another City general fund surplus. Since 2014, we have been able to achieve annual budgetary surpluses by creating common sense budgets, tightly controlling spending, and streamlining our operations by learning how to accomplish more with less.”

The Mayor lauded the work of the City’s new Finance Director, Cindy Johnston, in bringing the successful fiscal year 2022 audit to closure, as well as that of Enterprise Fund Administrator, Christine Chamberland, and WED Finance Director, Brad Peryea. “There were many challenges faced this year in completing the successful fiscal year 2022 audit, including staff outages for extended periods of time, and I commend Cindy, Chris and Brad for working through them to get it accomplished,” said the Mayor.

A copy of the City of Woonsocket, Annual Financial Report for the Year Ending June 30, 2022, can be found on the City’s website at www.woonsocketri.org.