Providence Local News

 

Bankrupt Central Falls now has $1.7M surplus

Bankrupt Central Falls now has $1.7M surplus

CENTRAL FALLS, R.I. (AP) — A new audit shows Central Falls now has a $1.7 million budget surplus, about 2½ years after becoming the first city in Rhode Island to declare municipal bankruptcy.

Mayor James Diossa says the city's back on the right track and can now fix streets and sidewalks that have gone into disrepair over the years.

City officials say the surplus is the result of spending cuts, more property tax revenue than expected and savings on the cost of health care for city workers including police officers and firefighters.

The audit by Providence-based Marcum LLP showed Central Falls has a $1.3 million surplus from the 2013 fiscal year and a $400,000 surplus from the previous year.

Central Falls was taken over by a state-appointed receiver in 2010 and declared bankruptcy in 2011.

 

Shutterstock/Stephen B. Goodwin

 

 

 

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