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BREAKING: City Council Grants Final Approval to Providence Budget

Monday, July 18, 2011

 

The Providence City Council has just granted final approval to the $613.8 million budget for the new fiscal year.

The vote brings to an end a months-long drama over how the city would close an estimated $110 million deficit.

“This budget makes significant progress on repairing Providence’s finances,” said Council President Michael A. Solomon. “Since news of the City’s $110 million structural deficit broke in February, the Council has worked with the Administration to close the shortfall. This budget is the product of due diligence, tough decisions and an unprecedented level of collaboration between the City Council and the Administration.”

City council members praised the budget for implementing $24 million in total cuts and avoiding one-time fixes

“This budget is honest and responsible. It does not rely on financial gimmicks or one-time fixes,” said Majority Leader Seth Yurdin. “By passing this budget tonight, the Council has improved the long-term stability and economic viability of Providence.”

DEVELOPING…..

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