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PAWTUCKET â€“ The cityâ€™s General Fund ended Fiscal 2012 with a surplus of $2.7 million before allocations to rebuild the cityâ€™s reserve fund, according to the annual report of the cityâ€™s outside auditor.
The surplus was achieved by total revenues exceeding budgeted spending allocations, with positive revenues due to tight fiscal controls, tax receipts, interest on taxes and state aid.
The surplus allowed increases to the city reserves fund, which over a period of several years was tapped almost to depletion to help balance annual budgets.
â€śThis is very good news that represents the hard work and sacrifice of a lot of dedicated people. Iâ€™m very pleased to see that our tight fiscal controls have reversed a series of annual deficits prior to my administration and that we are finally able to begin restoring our rainy day fund,â€ť said Mayor Donald R. Grebien, who first took office in January 2011. â€śWe are continuing to do more with less, and this independent audit is simply a confirmation of that. We know we have a very long way to go and itâ€™s still a day by day process, but the city is now firmly headed in the right direction.â€ť
Finance Director Joanna Lâ€™Heureux, in a memo earlier this month to the City Council, said other savings factors included changing to more energy efficient lighting throughout the city, adjustments in holiday pay and a light 2012 winter for snow removal.
The Schools side of the budget showed an operational deficit of about $2.3 million. The city is working cooperatively with school officials to eliminate the deficit.