City Finances

💸 Question expenditures to trim wasteful spending

Steve has a long record of fiscal responsibility and has always acted to save Cranstonians money by cutting wasteful spending. Last year, Steve questioned a $400,000 line item for “Fire Station Upgrades.” When the fire department provided a breakdown of costs, it added up to considerably less than $400,000. Steve proposed cutting the borrowing to $350,000, unfortunately, that amendment failed.

In 2015, Steve discovered that the city was using bonds to pay for the annual $16,000 spring cleaning of the Budlong Pool. The bonds were being repaid over 20 years with interest. He convinced the Council to instead pay for pool maintenance from the operating budget, saving the annual interest expense.

As Mayor, Steve will continue to review the budget line-by-line to identify and cut wasteful expenditures.

📈 Seek ways to minimize borrowing and avoid expensive interest payments

In the 2019-2020 budget, Steve was able to save $90,000 by cutting borrowing to renovate a library bathroom and replace the electronic alarms at entrances by using the existing library reserve fund to pay for them instead. Why borrow money and pay interest for 20 years when the funds already existed?

Steve pledges to continue to look for opportunities to save Cranston money by avoiding costly and unnecessary borrowing.

📄 Make honest budget projections

When Steve was first elected to the City Council, he discovered that fiscal analyses of several new union contracts greatly understated their cost. He was told he was wrong, and yet several years later the city switched its costing method to what Steve had recommended. The City Council now receives accurate cost projections. As Mayor, Steve will remain committed to using honest and fiscally sound economic projection methods.

💰 Save money for the future

Twice during his time on the City Council, Steve has convinced the Council to transfer money from low interest bearing accounts into our underfunded fire and police pensions. About $200,000 was transferred, making a small dent in the $200 million unfunded liability, but with those investments earning almost eight percent a year, the money will double in 10 years.

Paid for by Friends of Steve Stycos

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