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Town ends fiscal year with $629K surplus

August 18, 2012

NORTH SMITHFIELD — An unaudited review of North Smithfield's finances shows the town ending the fiscal year with a $628,788 surplus in its general fund, Town Administrator Paulette D. Hamilton and Finance Director Brian Silvia announced Friday.
A portion of the surplus is a result of town departments finishing the year under budget, Hamilton said. The remainder of the surplus was generated through various revenue sources exceeding budget projections.
According to Hamilton, the revenue portion of the budget surpassed expectations and included a significant increase in the collection of prior year taxes, municipal court receipts, Emergency Medical System third party billing, and miscellaneous receipts received during the year.
"While many communities are struggling financially, the Town of North Smithfield has not only maintained financial stability, but has placed itself in a position to move ahead with strategic plans for continued improvement," the town administrator said.

Read more in Sunday's print edition.

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