Audit: Providence ended fiscal year with surplus

The city of Providence ended its last fiscal year with a $1.6 million surplus.

An annual audit of city finances announced Monday confirms that the city had $1.6 million at the end of fiscal year 2013, which ended June 30, 2013.

Mayor Angel Taveras says the surplus is the culmination of efforts to close a city budget deficit that once stood at $110 million. He says the city was able to stabilize its finances by reaching a deal with city unions and retirees to rein in pension costs and negotiating payments from tax-exempt colleges and hospitals.

Taveras is running for governor and faces Treasurer Gina Raimondo in the Democratic primary. Raimondo formally launched her campaign on Monday.