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Middletown Ends Fiscal Year in Strong Financial Shape

The town's audit for the last fiscal year is out and town officials said Middletown is in "strong financial position" heading into the next fiscal year.

Finance Director Lynne Dible said fund balances remain strong on both the town and school side and the tax base remained stable with a 97 percent collection rate.

Though revenues fell short of expectations to the tune of about $300,000, the town found ways to trim expenses and ended up with a surplus of about $210,000.

But what's notable about Middletown's finances is the fact that the town's pension plans and Other Post Employment Benefit Plans are fully funded, including the town's share of the state Municipal Employee Retirement System and the local-administered plan, otherwise known as the John Hancock plan.

Council members lauded the finance department for their work responding quickly and effectively with the auditing firm as well as keeping the town's finances in check.

Council Member Richard Adams said within rows of numbers are embedded stories and in these numbers, the story is that "Middletown is well managed."

"We are probably one of the closest towns in Rhode Island for properly funding pensions and obligations," he said. "That's extraordinary."

The 88-page audit document, prepared by the Providence-based firm LGCD, notes that Middletown's assets exceeded its liabilities as of June 30 by $53 million and the general fund balance is $14.9 million.

The full audit is attached to this article. Click "download pdf" to grab it.
K-Stick February 27, 2014 at 10:16 AM
As one of the first people to criticize our elected leaders and government for being a bunch of idiots, I should also be quick to give credit where its due. Nice job Middletown. Maybe you can take the surplus and add it to the rainy day fund or fix Green End Ave from Valley Rd to Aquidneck Ave once and for all.

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