March 20, 2014
Marcum LLP Featured in Providence Journal Article, "Once-Bankrupt Central Falls Now Posts $1.7 Million Surplus."
By W. Zachary Malinowski
Things are looking up in Central Falls, the first city in state history to be declared bankrupt in federal court.
An outside audit, conducted by Marcum LLP, a Providence accounting firm, found that Central Falls has a combined operating surplus of $1.7 million — $1.3 million from fiscal year 2013 and $400,000 from the previous fiscal year.
“The audit shows that our city finances continue to improve and that Central Falls is open for business,’’ said Mayor James A. Diossa. ”We will continue to walk that line of fiscal responsibility.’’
Diossa, Finance Director Robert MacDonald, Leonard Morganis, administrative and finance officer; and Matt Jerzyk, city solicitor, met with a reporter from The Journal and briefed him on the improving financial picture for the state’s poorest and smallest city.
They attributed the surplus to three central factors: strict oversight on city spending, collecting more than forecast in property taxes and savings on health care costs for police, firefighters and city workers.