Warwick audit shows revenue exceeded budget expectations

WARWICK – An audit of the city’s financial reports revealed gross revenues exceeded budget expectations by $3.1 million, driven by collections of interest, state aid, licenses and fees, grant income and other sources according to a statement from Mayor Scott Avedisian.
Expenditures came in below budget by $3.86 million, including $3.27 million from the School Department alone, according to the audit by Parmelee Poirier & Associates LLP. The reports were as of June 30, 2014, the close of the fiscal year.
The city ended the fiscal 2014 year with a reserve of $10.8 million, a decrease of $1 million from the prior year.
In other findings:
The School Department generated a net operating surplus of $3.9 million, which will be re-appropriated by the city to the school department under state law.
The city’s liability for bonds and loans payable decreased by $7.8 million, to $152.7 million.
The net position of the Warwick Sewer Authority increased by $6.7 million to $79.9 million.
For the 13th year, Warwick received an “unqualified audit opinion” in the review of its comprehensive annual financial report, an indication that the reporting “presents fairly, in all material respects, the financial position of the city,” according to Finance Director Ernest Zmyslinski.