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Solomon: FY20 Ends with $3.8M Warwick Surplus

Warwick City Hall
Warwick City Hall
Warwick City Hall.

WARWICK, RI – Mayor Joseph J. Solomon announced the city’s draft financial statements show that the city and the Warwick School Department finished FY20 with a budget surplus of about $3.8 million.

After funding the School Department’s approximately $1.9 FY19 deficit, the city’s combined fund balance increased by approximately $1.8 million. The Mayor’s office has not released the full audit yet, nor has it been posted to the city website’s finance department page.

“This has been an extraordinarily unique year, with the COVID-19 pandemic posing numerous financial challenges for residents, businesses, and municipalities throughout the country,” Solomon said. “Thanks to the hard work of our Finance Department, the vigilance of our department directors, and my administration’s careful stewardship of taxpayer dollars, we have ended the fiscal year in a manner that will position the city well in the months to come.

“The total restructuring of the Finance Department has resulted in all audit materials and data being submitted well before the December 31st deadline,” Solomon said. “I would like to thank Michael D’Amico and our Finance Department for helping my administration to work for the benefit of the City of Warwick and its citizens.”

Solomon said the preliminary results will be finalized when the audit is released in January.

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