PROVIDENCE, R.I. — Providence’s mayor says his administration believes the city posted a budget surplus of more than $10 million in the most recent fiscal year, wiping out the city’s cumulative deficit.
Democratic Mayor Jorge Elorza said Wednesday that a surplus of that size would leave the city with a positive balance of $7 million and provide it with its first “rainy day fund” since 2011.
The Providence Journal reports (http://bit.ly/2ko4X9u ) that the figures have not been audited by an outside firm. Audited numbers will be available at the end of the year.
The City Council’s finance chairman said the positive projections result from cooperation with Elorza’s administration, but said the city must remain “vigilant” about spending.
Information from: The Providence Journal, http://www.providencejournal.com