Mayor: Cranston's finances "stable"

CRANSTON, R.I. (WPRI) - Cranston Mayor Allan Fung says the city's finances are "stable."

Fung delivered the news in a State of the City address Friday night, his fourth such address since taking office.

"I am proud to report that while other cities around us are on the brink of financial disaster, Cranston is stable," Fung said.

In his remarks, Fung said that despite the city receiving the label of "distressed community" from the state, the city is not in any financial danger.? Despite that, the city will be getting $1.2 million from the state in the upcoming budget year.? Fung proposed to use that money to more fully fund the city's pension system.

Fung also cited reports from several rating agencies that maintain the city's bond rating and financial outlook, despite concerns over the pension system and school department budget.? Those agencies did not downgrade the city's rating in part because of its "healthy" rainy-day fund and plans to deal with those concerns, the Mayor said.

The Mayor hailed recent and planned development in the city, particularly the relocation of Alex and Ani's headquarters, and plans for redevelopment at Garden City.

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