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  • Avedisian: City Projected for $5.8 Million Surplus

    Warwick City Hall.

    Warwick City Hall.

    WARWICK, RI —  Mayor Scott Avedisian announced Monday that a preliminary audit of the city’s FY17 finances suggest the city has posted a budget surplus of $5.87 million.

    Unaudited figures show an estimated gross budgetary surplus of $6.7 million, according to the Mayor’s office. Revenues are estimated to exceed the final budget by $5.87 million and expenditures are estimated to fall below budget by $825,324, according to Finance Director Ernest Zmyslinski.

    It is anticipated, however, that the budgetary surplus will be reduced by an increase in the City’s year-end reserves. The City will reserve an additional $200,000 to cover an increase in outstanding year-end encumbrances – the cost of goods and services ordered, but not received, prior to June 30, 2017.

    Also, in accordance with the City’s enacted FY18 operating budget, an additional $1.3 million will be reserved at year-end and transferred to revenue as defined in the budgetary plan.

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    After accounting for the expected budgetary surplus and overall increase in reserves, Avedisian and Zmyslinski noted that the unassigned fund balance is estimated to increase by $5.2 million. It is anticipated that the unassigned fund balance will increase from $18.5 million to $23.7 million.

    Since the Warwick School Department audit has not been completed, the City’s preliminary audit projects a balanced budget for them.

    It is important to note that the figures are only estimates at this time and may change in the final audited statements.

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