PROVIDENCE, R.I. (AP) - Providence Mayor Jorge Elorza says the city is projected to end the 2018 fiscal year with a $9.1 million operating surplus.
WPRI-TV reports the mayor announced Thursday the surplus is due to a mix of budgeting, improved tax collections, lower salary spending and reduced operational expenses.
The operating surplus will not be final until an independent auditor’s annual review of the city’s finances in January. It includes a $3.6 million built-in surplus.
The surplus announcement comes on the same day as a credit ratings company issued the city’s Issuer Default Rating at BBB and its outstanding general obligation bonds at A-.
The company says it expects “slow and gradual improvement.”
Elorza says both the ratings and the surplus show “we are on the right path here.”
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