EXCLUSIVE: Taveras Declines Second Pension
Wednesday, February 02, 2011
Providence Mayor Angel Taveras announced yesterday he is declining the special second pension that is offered to him as an elected official in the city.
“One pension is enough,” Taveras said in response to a GoLocalProv inquiry on his response to the new audit which shows city finances are in trouble. “It is a small step but an important symbol of the effort we need to take to create a sustainable financial future in the City of Providence.” (Taveras will still be eligible for a standard city pension.)
Newly inaugurated councilmen David Salvatore and Sam Zurier have also declined the second pension.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTTaveras said the audit came as “no surprise” to him. “The City has lost millions in state aid and been especially hard hit by the national recession. The audit clearly reflects this,” Taveras said. “I believe, however, that with focused effort, collaboration and shared sacrifice, we will overcome these challenges.”
Taveras promises to ‘make the tough decisions’
He added: “Today, my administration is fully focused on working with stakeholders across the City to make the tough decisions needed to get our fiscal house in order.”
Taveras outlined a number of steps his administration is taking to do just that. He noted that his administration is “making fast progress” toward getting the budget for the current fiscal year passed, putting an end to what he described as an “unprecedented situation.” He also promised to submit a balanced proposal for the next fiscal year.
To help in that task, Taveras said he was counting on the advice of the Municipal Finances Review Panel he has commissioned. The panel’s report is due in the next few weeks.
The other key to addressing the deficit, according to Taveras, is economic development. Since taking office, he has launched a search for a cabinet-level position to lead the city’s economic development effort. And, earlier this week, he announced he had hired a special advisor on the redevelopment of the prime urban real estate that has become available due to the relocation of Interstate 195.
City will still be able to pay its bills
He also issued some assurances to the public: while the audit showed that the city’s cash reserves had dwindled as low as $3.4 million, Taveras said the city will still be able to pay its bills. “t is important for people to understand that the audit is a snapshot of where we were many months ago,” Taveras said. “It is also important to know that I have seen the books: The City will continue to operate without interruption. We will pay our bills and deliver vital services.”
“Providence has felt the effects of the national recession acutely,” Taveras concluded. “I feel deeply for the many people in Providence who are struggling. But I am confident that with shared sacrifice and a joint commitment, we will emerge a stronger City that everyone can be proud of.”
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