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.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST"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."
