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Cranston finance committee confronts $9.3 million projected deficit, approves bond refunding to trim costs
Summary
Finance officials told the committee they project about a $9.3 million general-fund deficit for FY26 driven largely by expense overruns; the committee approved refunding resolutions expected to generate roughly $200,000 and $190,000 in savings over the stated periods.
Finance staff told the Finance Committee on Aug. 3 that the city faces a projected general-fund shortfall of roughly $9.3 million for the fiscal year, driven by about $8.4 million in expense overruns and roughly $900,000 in reduced revenues. The chair noted school department numbers showed a $2.1 million deficit that staff said could be mitigated if expected state reimbursements are posted. "As of this last financial report, the June financial report, we're seeing a... $9,300,000 deficit," the chair said during discussion.
Committee members then considered a set of refunding resolutions described by finance staff. The city's fiscal adviser and the finance director outlined three refundings: officials said refinancing one school bond would yield approximately $200,000 in savings over its term; refinancing two additional series would yield roughly $190,000 across the noted periods. Director Straub summarized the approach: "When we were looking...we looked at...one that was with Ryback...the savings is 200,000," he said, describing projected multi-year savings and the plan to transfer some notes into longer-term GO bonds to lower annual debt service. The committee voted to approve the refunding resolutions on recorded roll-call votes.
