The surplus is the result of a higher than expected tax collection rate and "prudent expenditures and successful coordination between the city and schools," according to a release.
"Our workforce, many of whom are Cranston residents, stand beside me in our efforts to be fiscally responsible with every dollar that comes in to the City, and the numbers we saw tonight reflect our success in achieving a level of responsibility worthy of the people we serve every day." said Cranston Mayor Allan W. Fung.
Fung tipped his hat to Finance Director Bob Strom for "careful oversight of the budget throughout the year" and city employees being "mindful of finances while doing their jobs as best as possible."
Additionally, the school department had its own surplus and was able to make a payment towards its debt reduction plan with the city. Fung said he is thankful of the school department being "mindful of the challenging economic times" and noted Strom has taken a "more proactive role in oversight of monies that are transferred to the school department."
"We have worked hard to foster a productive relationship with our School Department, and that cooperation is benefiting all residents of Cranston," Fung said.
Along with a tax collection rate that beat the 98.4 percent forecast, revenues in the City Clerks office were up, too. The office made more recordings and issued more licenses than expected to start the budget year.
"The goal when establishing a budget is to ensure that we have enough funds to provide the services that people deserve and to weather any unexpected crises without having overtaxed our citizens," Fung said. "Consequently, the ideal situation is a budget that results in a moderate surplus, and that is exactly what we have."