Report: Providence closes year with $9.2M operating surplus
PROVIDENCE, R.I. (AP) — Providence closed out the 2017-2018 fiscal year with a $9.2 million operating surplus.
WPRI-TV reports an independent audit shows that the city currently has $11.5 million in general fund reserves. Mayor Jorge Elorza’s chief of staff, Nicole Pollock, attributed the surplus to “realistic budgeting practices, a steady increase in tax collections, a hiring freeze on nonessential employees, better departmental revenue and reduced operational expenses.”
According to the audit, Providence has increased its tax collection by 25 percent since 2009. The city collected a total of $347.5 million in taxes during the 2017-2018 fiscal year.
The bulk of the revenue came from real estate taxes.
Pensions and health care are the city’s biggest liabilities. The city’s pension liability was $1 billion as of June 2018.
Information from: WPRI-TV, http://www.wpri.com