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Report: Providence closes year with $9.2M operating surplus

January 2, 2019

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.

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Information from: WPRI-TV, http://www.wpri.com

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