Providence Deficits: The Legacy of Cicilline
Everything was so rosy in Providence under former Mayor David Cicilline. Remember? Now we know why. Cicilline’s adminstration basically slapped an new coat of paint on a rickety jalopy and called it “new.” Earlier this month, we learned that then-Mayor Cicilline’s administration paid for the paint by drawing down on the rainy day funds, underfunding pensions and plain old overspending. Now, new Mayor Angel Taveras is dealing with the fallout (h/t Ian Donnis):
The Finances Review Panel delivered its final report to Mayor Taveras late Tuesday evening. The Mayor’s team will make full copies of the report available at 10AM on Thursday morning. A summary of the report is as follows:
• This fiscal year’s structural deficit is $70 million.
• Next fiscal year’s structural deficit is $110 million.
• Without immediate remediation efforts, the City is expected to end this year with a deficit of as much as $29 million.
• These figures all assume no mid-year reductions in state aid.
“The findings of the Municipal Finances Review Panel lay bare the true extent of Providence’s financial crisis,” Mayor Taveras said. “When I took the oath of office on January 3, I made a commitment to be honest with the people of Providence about the problems we face. I also promised that I would not shy away from making tough decisions to put our city back on firm financial footing. We are taking immediate actions to make the tough decisions needed to move Providence forward. Our citizens expect and deserve nothing less.”
Hence, the teacher “firings” and more to come. Thanks Congressman Cicilline.