Cranston Posts Surplus for Fiscal 2014

Cranston Mayor Allan W. Fung will announce that Cranston will end Fiscal 2014 with another buget surplus.

Last year, the city posted a $500,000 surplus and this year, Cranston is once again finishing the year in the black.

City officials said they’d announce the total surplus amount at a press conference Wednesday morning.

Fung, in a release, said the surplus is the result of “the hard work and difficult financial decisions made by my administration” and he credited the city’s pension reform, the adoption of 401(k)s for city workers and tight controls on spending.

Those measures “have benefitted our residents where it counts the most: holding the line on property tax increases for three straight years,” Fung said.

The surplus is based on projections by the city’s finance director, Robert Strom, and have not been audited yet.