School District Ends Fiscal Year with Healthy Surplus

Cranston Public Schools posted a healthy surplus for the fiscal year that ended June 30, according to preliminary audit figures.

But the actual amount isn't final and school officials declined providing even a ballpark estimate because the city's own auditors are still working on the municipal budget.

School Chief Financial Officer Joe Balducci said he doesn't think the city's audit of the municipal budget will affect the school side, but he said he's still "hesitant" to throw out a number as long as the auditors are still doing field work.

Still, the surplus is a "step in the right direction" and figures will be released soon.

The city's Audit Committee meets Dec. 4 and the City Council's Finance Committee subcommittee meets the next day. At that time, the preliminary numbers from the school audit will become official and made public.

Depending on how much the surplus might be, the school district could opt to toss extra money towards their long-term deficit reduction agreement with the city. The district still has two $1.5 million payments left before the nearly $5 million debt is fully repaid. And because the payment plan is based on a consent order signed after the district lost a Caroulo lawsuit, the district's use of surplus funds is tightly controlled.

That means Cranston Public Schools couldn't put the money towards music, art or sports programs. So School Committee members will certainly be tempted to eliminate the debt and move beyond the consent order as quickly as possible.