An audit has found Cranston will close its books for fiscal year 2012-2013 with a $500,000 surplus, according to the office of Mayor Allan Fung.

“Our workforce, many of whom are Cranston residents, stand beside me in our efforts to be fiscally responsible with every dollar that comes in to the city, and the numbers we saw … reflect our success in achieving a level of responsibility worthy of the people we serve every day,” said the mayor in a statement released following a Dec. 4 meeting of the city’s Audit Committee.

The projected surplus is based on the draft audit presented by Braver PC, the firm hired to conduct the review.

Fung’s statement specifically applauds the work of city Finance Director Bob Strom, and cites the School Department’s own surplus, which allowed for a payment to the city toward existing debt.

“We have worked hard to foster a productive relationship with our School Department, and that cooperation is benefiting all residents of Cranston,” Fung said.

The mayor’s release also indicated increased revenues played a role in the surplus. Tax collection rates were higher than the 98.4 percent budgeted expectations, according to the statement, while receipts through the city clerk’s department and in areas such as recordings and licensings also exceeded expectations.

The City Council’s Finance Committee on Dec. 5 received the draft audit report, and approved sending the document to the full council for a hearing. The council is set to meet Dec. 16.

Officials at the finance meeting did indicate that based on the audit findings; the city’s rainy day fund has grown to approximately $22 million.

“The goal when establishing a budget is to ensure that we have enough funds to provide the services that people deserve and to weather any unexpected crises without having overtaxed our citizens,” the mayor’s statement reads. “Consequently, the ideal situation is a budget that results in a moderate surplus, and that is exactly what we have.”