CRANSTON – Cranston ended fiscal 2017 with $32.8 million in city, school and governmental funds, a decrease of $6 million in reserves over the year, according to a recently released audit.
Although the city’s general fund closed out the year with a $123,000 operating surplus, that was offset by a $223,278 deficit in school spending and $5.9 million in other municipal expenses, according to the documents. Fiscal 2017 ended June 30.
Cranston closed out the accounting calendar with $20.9 million in general fund reserves, $5.9 million in school department reserves and $6 million in unassigned funds for other government purposes.
The city’s financial statements were audited by Marcum LLP, a public accounting firm.
The audit is available at the following site: http://web.cranstonri.org/Clerkdocs/Audit/Audit2017.pdf.
Mary MacDonald is a staff writer for the PBN. Contact her at MacDonald@PBN.com.
