PAWTUCKET, R.I. (AP) — A Rhode Island city that has struggled with deficits and cash-flow problems is reporting that it ended the last fiscal year with its first surplus in several years.
Pawtucket Mayor Donald Grebien announced the welcome news on Monday. He says an independent audit shows the city ended Fiscal Year 2012 $2.7 million in the black. The money will be transferred to the city’s reserve fund, which had dropped to nearly zero following years of fiscal challenges. The city’s current budget totals $109 million.
It’s the city’s first surplus since Fiscal Year 2008. Since then the city has cut spending, eliminated some positions, borrowed money and raised motor vehicle taxes.
Grebien says that while the city’s fiscal challenges continue, the surplus is a sign Pawtucket is headed in the right direction.