Providence Mayor Jorge Elorza unveils the city’s latest budget proposal Wednesday, and it comes as the city continues to face deep financial challenges.
Providence owes more than $900-million in municipal pensions, and they’re only about 27 percent funded. The structural deficit continues to loom over city finances.
Despite that, the city is on track to have a rainy-day fund by the end of the fiscal year, and the proposed budget will include no new taxes. Last year’s $700-million budget proposal included a $13-million hike in the city’s tax levy.
Hammering out the details of a working budget won’t be the only issue the Providence city council is dealing with. Councilman Kevin Jackson faces a recall election next week, following an indictment on embezzlement charges. And Council President Luis Aponte is under investigation by the Attorney General’s office and State Police.
