Mayor Allan Fung announced this week that the city of Cranston closed out this fiscal year with a modest budget surplus. According to un-audited figures from the city’s Finance Department, Cranston ended Fiscal Year 2018 with a combined surplus balance of $173,422. According to a press release sent by the city, Cranston’s financial results this year were buoyed by various factors, including a tax collection rate that exceeded 99 percent, prior year collections exceeding anticipations, and an uptick in licenses, building inspections and recording fees as the city’s business community and overall population continues to grow. Additionally, the city earned $300,000 more in interest income on investments than was budgeted due to careful management of the city’s portfolio to take advantage of the strong national economy. The positive revenue results helped the city weather several financial challenges over the last fiscal year, including higher-than-normal snow removal costs, police and fire overtime costs, and legal and claims fees. ”I’m very pleased to announce that Cranston has once again ended the fiscal year with another budget surplus and in a stronger position than when we started,” said Fung. “Our continued strong financial performance is the result of thoughtful and honest budgeting practices and keeping a close watch on expenses to ensure we deliver quality services to residents without spending beyond our means.” Additionally, Mayor Fung thanked all city employees who contribute to the city’s strong finances on a daily basis, particularly Finance Director Robert Strom and his team at City Hall.

“Achieving success is a group effort, and in Cranston, we work together as a team to ensure Cranston remains one of the best cities in America to live and raise a family,” Fung said.