City Expects $3.6 Million Surplus

Cranston will end the fiscal year with a $3.6 million surplus, the third consecutive year of surpluses for Rhode Island’s third largest city.

At a press conference Wednesday morning, Cranston Mayor Allan W. Fung, flanked by his administrative team, said the surplus is part of a turnaround for the city that has been coupled with three consecutive years of no tax increases.

A great deal of credit goes to the city’s staff, he said, who have kept spending under control and found innovative ways to tackle issues affecting the city through their departments.

Fung noted that the municipal surplus was $590,000. According to Finance Director Robert Strom, the school side of the budget posted a surplus of almost $3 million.

Fung also announced that a medical equipment manufacturer in western Cranston is has plans for a $4 million expansion that will bring 150 employees along with it. He did not disclose the company, though it is likely Cadence Science, which runs a facility on Plainfield Pike.

The plan could hinge on an incentive program and Fung said an ordinance is being drafted for the City Council’s consideration.