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Cranston projects $9.9 million shortfall; council confirms Robert Storm as finance director
Summary
Acting finance staff told the finance committee that the city now projects a roughly $9.9 million general-fund deficit for the fiscal year, driven by a $1.625 million revenue shortfall and about $8.3 million in expenditure overruns. The council unanimously approved Robert Storm as finance director.
The Cranston finance committee heard that the city now projects a $9.9 million deficit for the fiscal year and voted to confirm Robert Storm as the city’s next finance director.
Acting finance director Michael Igo told the committee the projected shortfall through June totals about $9.94 million, made up of roughly a $1.625 million revenue shortfall and approximately $8.3 million in overspending on expenditures. “Projecting a $9.9 million deficit for this fiscal year,” committee members summarized during the meeting and Igo confirmed the projection on the record.
The figure follows an earlier use of fund balance: the city began the year with an operating fund balance of about $14.5 million after drawing roughly $6.5 million…
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