By ETHAN HARTLEY Mayor Joseph Solomon announced via press release Monday that the city is projecting an approximately $5.5 million operational surplus for the fiscal year that concluded on June 30, 2019 (FY19), representative of revenue coming in $2.2
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Mayor Joseph Solomon announced via press release Monday that the city is projecting an approximately $5.5 million operational surplus for the fiscal year that concluded on June 30, 2019 (FY19), representative of revenue coming in $2.2 million under budget projections but also $7.7 million under projected expenses for the year, according to Finance Director Brian Silvia.
“These results reflect our ongoing efforts to take a fiscally-conservative approach to budgeting and reinforces the fact that the City's finances – as confirmed by Standard & Poor's, audits of our OPEB and pension obligations and the low interest rates for the recent school bond offering – are on solid ground,” Solomon said in a statement in the release. “The projected surplus will also allow us to address an anticipated school deficit and move that department onto more solid financial ground going forward and to address outstanding encumbrances, all with minimal impact on our unassigned fund balance."
The release goes on to indicate that the projected surplus, which it notes are “only estimates at this time and may change in the final audited statements,” would be applied to account for several known encumbrances.
First, the surplus would enable the city to mitigate a $2.9 million year-end deficit that the Warwick School Department projects for their own FY19 budget. It would also enable the city to cover $350,000 in outstanding year-end encumbrances – “the cost of goods and services ordered, but not yet received, prior to June 30, 2019,” the release clarifies.
With the approximately $2.3 million left in the projected surplus, the city could mostly eliminate the anticipated $2.4 draw down on the city’s free cash reserves – which was approved in the FY20 budget – resulting in just around $100,000 to be taken from the rainy day fund, from an audited $22.6 million as of June 30, 2018 to $22.5 million as of June 30, 2019.
Silvia sent the following statement regarding the city’s progress towards submitting their official audit for FY19:
“…the Finance Department staff have been working diligently and will continue to do so to prepare all of the necessary documents and information that are required as part of the annual audit process.”
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Apollo
Awesome. Notice it goes to the schools. School Admin. a money sponge.
Tuesday, October 1, 2019 Report this
Warwick_Resident1998
So the city isn't falling off the fiscal cliff. How come so many amateur financial consultants disagree? What's the agenda of all of these loud-mouthed nay-sayers?
Tuesday, October 1, 2019 Report this
JamesBruder
But Rob Cushman said the city was collapsing....... Rob Cote said city employees were stealing. It’s getting harder and harder to stomach these clowns. And the wicked witch of Cowhesett isn’t a taxpayer anymore so she should not be allowed to speak at meetings.
Tuesday, October 1, 2019 Report this
davebarry109
Dexter, you cannot look at one year and state the city is not in trouble. You don't understand the pension/benefits expenses. The city has to continue to operate as it always should have been...on a war footing. Pinching pennies. The school department needs to shrink. More schools need to close. The police and fire departments need to shrink as well. We need a leaner government work force.
Tuesday, October 1, 2019 Report this
Former User
Warwick_Resident1998, if you listen to them long enough, their arguments always come around to unionized city workers: According to these critics, their salaries are too high, their benefits are too generous, their pension payments are too much.
What they've been trying to do is blame what they see as impending financial doom on these costs, while ignoring that those costs have somehow not driven the city into ruin for at least the last three decades.
And every time objective experts look at the city's finances, the results are the same: there is no financial crisis. There is no looming disaster. The city has long-term concerns that it needs to address, but they do not spell the end of Warwick if city officials can decide on a way to address them.
Their agenda is ignore these facts and continue getting attention for themselves. What they don't understand is that the more they repeat their claims, the more they're proven to be wrong.
Tuesday, October 1, 2019 Report this
JamesBruder
Dave,
The government is not a for-profit entity. If there making an extra 5.5 million a year, either they are A. Taxing too much, or B. Not spending in the right areas. Police and fire are a small as they can be. If you state otherwise you have no clue what goes on day to day.
Tuesday, October 1, 2019 Report this
Thecaptain
Dexter,
Your right, the city workers aren't stealing. It was all a figment of my imagination.
https://www.youtube.com/watch?v=J2b2e4tSHdY
https://www.youtube.com/watch?v=4tXLrIhEfOk
https://www.wpri.com/news/crime/former-warwick-school-employee-pleads-to-charge-tied-to-renovating-home-on-taxpayer-dime/
https://www.youtube.com/watch?v=FpI3nPd1fUM
https://www.youtube.com/watch?v=Nlb4yijEcUU
enough said
Tuesday, October 1, 2019 Report this
JamesBruder
Captain, One question. WHERE IS THE FBI? You and Merolla completely fabricated a lie. You should be prosecuted for it. I don’t need to see your psychotic stalking videos to know what your all about
Tuesday, October 1, 2019 Report this
Apollo
No it's not enough said. Majority of those links were 7 years old. Changes were made. Any bad apples were dealt with I'm sure. You can look in any business, politicans, municipality, military, church, any where and find a bad apple that slipped through the hiring cracks. Very poor examples squad member.
Tuesday, October 1, 2019 Report this
Apollo
The so callled FBI investigation was fake news. The slander never seems to stop but most educated citizen can weed out the b.s. and read for themselves the information given by the real experts not the wantabes.
Tuesday, October 1, 2019 Report this
Warwick_Resident1998
Captain,
You saved the city a few thousand dollars almost 10 years ago. Get over yourself.
Tuesday, October 1, 2019 Report this
Apollo
The best thing is think about all the wasted time the squad has spent on this fruitless campaign. Many many hours and some money I'm sure too. Where has it got you except a huge loss in credibility.
Tuesday, October 1, 2019 Report this
Reality
Hillsgrove Hal
You have all the answers....what time tomorrow will you be at the microphone to tell the city council how to run the city'
Put up or shut up
Tuesday, October 1, 2019 Report this
Reality
Hillsgrove Hal
Tell us how much you pay in city taxes because you think taxes are no big deal
Tuesday, October 1, 2019 Report this
JamesBruder
Incredible, your not a taxpayer anymore. You better not be up on that mic tomorrow.
Tuesday, October 1, 2019 Report this
Reality
Dexter
I'll do whatever I want tomorrow....I guess Dexter you are also advocating WFD members who don't live in Warwick shouldn't be paid.
Tuesday, October 1, 2019 Report this
Apollo
Only citizens of Warwick should be allowed to talk in the public forum at City meetings. The squad should be banned from speaking due to the fake news.
Tuesday, October 1, 2019 Report this
wwkvoter
Only STACIA can fix all this and clear up the confusion! I just look at her and I already am less confused about what is important.
Stacia 2020!
Tuesday, October 1, 2019 Report this
JamesBruder
Incredible (Stacia) City charter does not say employees must live in the city. BUT CITY COUNCIL RULES SPECIFICALLY SAY YOU MUST BECA RESIDENT TO SPEAK AT CITY COUNCIL MEETINGS.
Tuesday, October 1, 2019 Report this
Apollo
Dexter we all know the truth. No ones believes the squad. Can you picture them in Stacia's basement trying out their spyware devices like sunglasses cameras, video and audio pens etc.. lol. Peeking out through the basement window as the garbage truck picks up her garbage. Not even Providence requires employees to live in Providence. That was done away with.
Tuesday, October 1, 2019 Report this
Reality
Dexter
Your better go back and check the tapes regarding conceal carry gun permits. The WFD stooge aka Vella-Wilkinson let people from Smithfield, Prov and Cranston speak for hours at council meetings.
Dexter like usual you and your other half Jimmy never know the facts.
Tuesday, October 1, 2019 Report this
Former User
dexter, the problem seems to be that these critics can't stand seeing good financial news.
They also seem to think that the rest of us are being fooled by clearly-stated facts by objective financial experts.
Neither of those things makes them any more believable.
Tuesday, October 1, 2019 Report this
Honestinfo
Robbie Robbie Robbie, have no fear the FBI is ready to make their move.
Tuesday, October 1, 2019 Report this
Apollo
Clearly the city is doing really well if they want to build a brand new high school !!! Yet screw public safety right. The police station is almost 60 years old ! Have you seen the fire stations besides st 1 and the new one down in Potowomut? All the fire trucks are antiques practically. The p.d. vehicles look nice I will say seeing them zoom around. Any one else tired of all the school dept. costs? But the squad is all for the school allotted money. The 2 most important expenses in any community are police and fire/rescue. Cause if you don't have your safety or health than the rest doesn't matter in life.
Tuesday, October 1, 2019 Report this
Samuel
Stacia just go away. No one cares about anything that you have to say, no one ever did. Just live your life and be good to your husband, after all having a man is the only way that you've ever been able to support yourself.
Tuesday, October 1, 2019 Report this
Reality
Hillsgrove Hal (C. Raven)
Stilling waiting to hear what time tonight you will be addressing the city council. We have listened to you pontificate on this website for years about the fiscal condition of the city, so it time to come out of the shadows and subject yourself to questioning by Mr. Merolla and company.
Put up or shut up.
Wednesday, October 2, 2019 Report this
Observant1
Captain Incredible!
Wednesday, October 2, 2019 Report this
Former User
Samuel, I can't understand what i___e is trying to accomplish.
If you're correct and they are actually Stacia (Is this the same person who badly lost two campaigns?), it looks like they've only succeeded in looking foolish and are just too stubborn to realize it
Someone told me that this "Raven" person was a past commenter. I have never seen their comments, so I have no idea what i___e is talking about.
(It's clear they don't, either.)
Wednesday, October 2, 2019 Report this
patientman
Certainly a projected surplus is better than a realized deficit.
A 1 year $5,500,000 surplus hardly means the long term fiscal health of the city is in great shape. If we were in great shape the city wouldn't be planning 5 years of max tax increases (which most will go to pay for pension & OPEB, not actually funding city operations). Plus nearly half of the projected revenue is going to plug a government (schools) deficit. Not the Rainy Day fund or city infrastructure. So really about a $3,000,000 projected surplus.
Let's hope it is realized.
Wednesday, October 2, 2019 Report this
Reality
Hillsgrove Hal
Still haven't told us at what time will you be educating the public on the solution to Warwick's fiscal condition.
Wednesday, October 2, 2019 Report this
Reality
Hillsgrove Hal
Still haven't told us at what time will you be educating the public on the solution to Warwick's fiscal condition.
Wednesday, October 2, 2019 Report this
Apollo
Incredible like the Ross Perot charts of usless numbers lol. Remember when he ran for president and he had all those charts and graphs? Reminds me of the squad.
Wednesday, October 2, 2019 Report this
Former User
Patient Man, even Solomon is tempering his language (for once), talking about "stability" and being on "solid ground."
And the idea of 5 years of maximum tax increases is based mainly on Merolla's scare-mongering about OPEB costs.
As the audit report showed, if the city keeps paying as it has, the police I and fire pension plan will be fully funded in 15 years. The rest of them are already adequately funded, as defined by state law.
I do agree with you on one point: I hope the city actually realizes that surplus -- and additionally that Solomon and Merolla use it responsibly in future years.
Apollo, I guess I wasn't the only one who heard a screech like fingernails on a blackboard. It also echoed, too.
Thanks for confirming that it was just useless noise.
Wednesday, October 2, 2019 Report this
Thecaptain
Warwick resident 1998,
To correct your numbers. I did not save the city a few thousand dollars. The amount was actually 11.5 million. Add to that an additional 28 million on the state side. How much have you saved for your community you anonymous idiot by product of a pilgrim math class.
Wednesday, October 2, 2019 Report this
Apollo
Da Captain, proof of your claims about savimg 10's of millions other wise it immediately goes in the fake news column.
Wednesday, October 2, 2019 Report this
Apollo
What school did you go to Da Captain?
Toll Gate, Vets? .. oh do tell where you got such math wisdom.
Wednesday, October 2, 2019 Report this
Daydreambeliever
The Captain is a Hendricken graduate. How he is today was how he was back then. A loudmouth who used to run home as a young child having insulted the n neighborhood kids.
He has been confrontational for years and it won't change. He's a narcissist plain and simple who has to show his expertise and knowledge.
He lacks peop!e skills so uses intimidation.
I can admit my mistakes but for some it's quite difficult.
Wednesday, October 2, 2019 Report this
patientman
What did people think of the CPA's presentation tonight? He didn't seem so sanguine to me.
Wednesday, October 2, 2019 Report this
Apollo
You know what is unsustainable and has poor leadership? The Warwick School System. Yet the squad is often silent about that. They are biased and pick their battles and who to point the finger at. It is unbelievable there is talk about building a new high school. This folks is the real problem in the city and no one wants to have honest dialoge because it's a sensitive topic, oh it's about the children they say. Well obviously it isn't. The Warwick school system was good in the 90's. Since then all down hill. The Mayor and the Council need to get tough on the Warwick admin and not let them get black mailed again over stupid school sports how pathetic. But, with talk of a new high school it is apparent who runs Warwick, the school systen and the Mayor and Council are their puppets. Public school has become a liberal breeding ground where teachers are teaching kids the Democratic socalist code.
Thursday, October 3, 2019 Report this
patientman
Apollo,
the schools, school comitteel & WTU get plenty of scrutiny. Recent audit found the schools administration was appropriately sized but they get pounded too. Problem is the school committee (minus Testa) is too pro WTU.
Thursday, October 3, 2019 Report this
patientman
Go back and look at the rhetoric coming from Central Falls union members & retirees before bankruptcy. Some constantly argued that everything was fine and dismissively told taxpayers to pay their taxes so they could enjoy their retirement in Florida. We see similar levels of dismissive post here.
Nobody should be more concerned about Warwick's solvency than the retirees & future retirees in the pension system. Why don't the public sector employees & retirees hire an actuarial firm to conduct an assessment for them?
See what a CPA you pay says about the soundness of your retirement plans.
Thursday, October 3, 2019 Report this
Reality
Hillsgrove Hal
Just like I thought....you are all talk and no action....noticed you weren't at the city council meeting last night to educate the city council with all your brilliant ideas to solve Warwick's fiscal problems.
You have no credibility.
Thursday, October 3, 2019 Report this
Former User
There's that screeching sound again... did anyone else hear it?
It's almost like someone's desperately trying to get attention for themselves by making a bunch of noise.
Seems to be a theme around here among people who don't want to face the facts of Warwick's decent financial standing (and the work still to be done to maintain it that does not require dismantling the entire government or illegally breaking union contracts).
Someone can correct me if I'm wrong, but don't we elect people to make the decisions about Warwick's budget? I would hope that our elected officials are following the objective information provided by legitimate financial experts to inform their votes.
Thursday, October 3, 2019 Report this
Apollo
Notice never ever any comments about the Warwick School dept. Squad is silent. Why is that? 15k per student a year not at par
Thursday, October 3, 2019 Report this
Samuel
Stacia you're the one with no credibility, or job, or kids, or friends, or life. Just continue to please your husband, if he dumps you you'll be back in the parent's basement.
Thursday, October 3, 2019 Report this
Reality
Hillsgrove Hal
You keep posting and posting and say nothing.
You have no credibility. You had a chance to get up and speak yesterday at the council meeting but you didn't show
Keep posting for Dexter, Apollo and Jimmy members of WFD. They are the only ones listening to your dribble.
Thursday, October 3, 2019 Report this
JamesBruder
Incredible (Stacia),
Not Fire, not PD, not dpw, just a normal taxpayer (old neighborhood) who loves to watch you go down in flames. You and your cronies are nothing but liars. Truth is finally coming out. Good luck
Thursday, October 3, 2019 Report this
Former User
dexter, I guess you heard that shrieking noise again, too.
It definitely shows how badly their arguments are failing when all these critics can do is wrongly accuse us of being city workers or firefighters. Aside from being negative and proving they can't read, I really don't know what they're trying to prove.
They clearly can't prove that the city is on the brink of a cliff (every objective financial expert says it's not, and that city officials have work to do to keep the city on a good footing), so I guess they're just proving how much useless noise they can make.
I would hope that, after two years of alarmism, Solomon will submit a budget for next year that doesn't require a maximum tax increase, since we've basically paid ahead.
Friday, October 4, 2019 Report this
Reality
Hillsgrove Hal
What we know is that you are nothing but hot air. You didn't have the guts to go to the council meeting and present you case.
You have zero credibility
Friday, October 4, 2019 Report this
Samuel
Stacia Stacia Stacia, people have jobs, children, lives. Not everyone is supported by a spouse and free to spew hate on the internet and at city council meetings. It's been years now and you have not accomplished a single thing, have not convinced anyone that you have any clue whatsoever (which you of course don't). But antics do amuse a great many people, sort of like a court jester
Friday, October 4, 2019 Report this
Apollo
Samuel well said
Friday, October 4, 2019 Report this
Reality
Samuel and Apollo
Stacia had the guts to run for office and get up at city council meetings. She has more of a backbone than you 2 and your buddy, Hillsgrove Hal.
Your 2 need to get a life....your infatuation with Stacia is troubling.
Saturday, October 5, 2019 Report this
wwkvoter
With millions surplus, and talking about building a 200 million new school, and no FBI arrests, is everything financially fine after all in Warwick? After all this?
Sunday, October 6, 2019 Report this
Apollo
what the city needs to do is start putting away miilions for opeb. Not necessarily to cover it all but to have that yearly amount do covered. You see that is always going to be an expense. Just like you know you have to pay federal taxes regardless how it's spent right. I mean federal money gets spent on silly things like foreign aid We tax payers have no say. So locally same thing, no different folks. Except the funds are going to working class people supporting families and spending the money back into the community. There is no outrage in all the illegal aliens coming in over the board and the billions spent on that. In fact, the democrats encourage it. So locally pay your employees, set aside funds for it and do the right thing to citizens.
Monday, October 7, 2019 Report this
Former User
Samuel, imagine my lack of surprise, after getting back from a full weekend of spending time with my family, that the screeching noise had not subsided.
I would much rather base my opinions on factual information provided by objective financial experts, instead of rehashed complaints that, as you mentioned, have accomplished exactly nothing except showing how dumb these critics look.
And those financial experts say the same thing: The city is in decent financial shape, and it can improve if city officials put aside their individual agendas and work together.
Apollo, you are right that the city should put more toward OPEB. I think the amount should be somewhere between what they are paying now (which is 100% of what the experts recommend for annual pay-as-you-go costs) and Merolla's highly subjective estimate.
That way, the city would be putting more aside for future costs but not risking its current financial state.
Monday, October 7, 2019 Report this
Cat2222
"Stacia had the guts to run for office and get up at city council meetings. She has more of a backbone than you 2 and your buddy, Hillsgrove Hal.
Your 2 need to get a life....your infatuation with Stacia is troubling."
First of all, it is called delusional, not guts, to campaign for an office you have zero competency in running.
Second, why are you are speaking about yourself in the third person? In the article, The Psychology of Referring to Yourself in the Third Person, it states:
"Perhaps what’s most unsettling about third-person pronouncements of the modern era is that they seem to contain a mix of both of these status fixations, especially when delivered by politicians in campaign mode — people who tend to be both hungry for power and desperate to prostrate themselves before the public to win our approval. "
You aren't some courageous folk hero that lost to the big machine. You didn't instill confidence in the electorate and no one wanted you to be the mayor of Warwick, or a senator or whatever else you ran for in RI. You want to be the king of your castle, go sound off on the Warwick Page. That is where you can delete any comments that differ from yours, thereby allowing you to think you are smarter than the rest. What a bunch of nonsense in the comment section of this article.
Monday, October 7, 2019 Report this
Apollo
The disrespect of the hard work city employees is disgusting. After the macroburst it was the hard working city employees that got the city back on its feet Or after the great flood to name a couple big events. So many examples where the highly trained and professional employees got the jobs done. There will be more storms and disasters not to mention the day to day work that gets done.
Monday, October 7, 2019 Report this