Witman Unveils Plan to Stabilize Providence’s Pension Plan on GoLocal LIVE
Witman Unveils Plan to Stabilize Providence’s Pension Plan on GoLocal LIVE
Between long-term healthcare cost obligations to retired city workers and the unfunded pension obligation, Providence faces a funding gap of approximately $2 billion.
On Wednesday, Witman criticized Elorza for failing to address the issues and offered her own solution.
“Elorza talks about selling the water authority, you absolutely can’t do that for a number of reasons. One you need legislative approval, and there’s very little or no relationship between the city and the legislature. He wanted the appraisal for the water authority — very few people can do a proper appraisal. He wanted one done in six weeks — at great cost — you can’t do one in less than six months,” said Witman.
“I would like to monetize the water system, but not sell it by any means. I would like to work with the legislature and the City of Providence to sell its water — for fair market value and rate — to other cities who buy our water. And then, of course, use that money to put into the pension — exclusively — and move with legislative approval [to put] our retirees into the state system,” she proposed.
With the race less than a week away and no independent polling, it is unclear how close the race has become. In debates, the race has become very confrontational.
Elorza won the Democratic primary with just 57 percent of the vote against two underfunded candidates — Kobi Dennis and Robert DeRobbio. Both of them have subsequently endorsed Witman for Mayor.