Providence Mayor Jorge Elorza will deliver his annual State of the City address this evening from City Hall. The mayor has struggled over the last year to resolve a dispute with city firefighters over scheduling. And the mayor has struggled to eliminate budget shortfalls that have added up over several years.
Elorza’s administration, January outlined a plan to eliminate the deficit by 2021. Fitch ratings agency recently downgraded Providence’s bond rating to triple B-minus, just one notch above junk bond status. The company cited limited revenue growth, increasing spending and pension obligations among the reasons for the downgrade.