Central Falls Announcement Coming This Morning
Monday, August 01, 2011
Governor Lincoln Chafee and Central Falls Receiver Robert Flanders, Jr. will make an announcement regarding the future of Central Falls this morning at 10:00am, the Governor’s office announced last night.
The announcement is widely expected to be that the town will file for bankruptcy after only a handful of Police and Fire retirees and beneficiaries agreed to voluntary concessions last week. The cash-strapped town has a massive unfunded pension liability and a deficit nearing $5 million.
Reached Sunday evening, Police Chief Joseph Moran said he has not been told anything in advance, but that he expects to learn the town’s fate at a meeting shortly before the press conference.
"I don't know if they're going to go bankrupt or work some things out," Moran said. "As of right now I'm in the guessing mode like everyone else."
Asked about how this is affecting the rank-and-file, Moran responded: "I think everybody's concerned about the unknown."
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Comments:
Buc Kner
7:59am on Monday, August 01, 2011
Flanders will announce: A) someone else will need to pay for his bow ties because CF is broke B) he finally sent a letter to Urciuoli, his ex client in prison C) he's more arrogant than anyone ever knew...and Chafee will be there also
Lance Chappell
9:27am on Monday, August 01, 2011
Enough "kicking the can down the road" by the state. They didn't kick in the funds to save this berg because CF had no plan to get themselves out of their mess. It would have been more "business as usual" and the taxpayers would continue to suffer. The retirees wouldn't let go of their pensions and they now will discover that there will be little left for them.
The rest of the municipalities had better learn from the lessons of Central Falls. Unchecked spending will lead to consequences.