Welcome! Login | Register
 

RI’s First Annual Mind Body Spirit Expo Arrives—Rhode Island's first ever Mind Body Spirit Expo…

Side of the Rhode: Who’s Hot and Who’s Not?—Side of RI: Who's Hot and Who's Not?

Friday Financial Five – October 31st, 2014—Two positive developments this week include

5 Live Music Musts - October 31, 2014—There’s something just a little frightening about all…

Finneran: Too Old, Too White, Too Male To Understand….—why parents would allow their young children---girls specifically---to…

The Cellar: Wines That Get Better With Time—Invest now and enjoy later...

The Scoop: Smith Blasts Paiva-Weed on False Allegations, Elorza Questions Cianci’s Apology, and More—Welcome back to The Scoop, the 4 p.m.…

FM Global Pledges $1 million to URI’s Proposed Engineering Facility—FM Global has pledged $1 million to support…

Brian Bishop: A Turning Point in RI: Will Voters Approve a Constitutional Convention?—It is OSTPA’s contention that the decision to…

Mark McKenney: Providence Community Library is Too Important To Underfund—This summer, Providence Community Library celebrated its fifth…

 
 

NEW: Providence May Move 1st Quarter Tax Deadline Up to July

Wednesday, May 23, 2012

 

In an effort to avoid running out of cash, the city of Providence may move its first quarter tax deadline up from August to July, GoLocalProv has learned.

A memo sent by Council finance chairman John Igliozzi, tells members of the City Council to begin notifying their constituents about the possible change. The new tax deadline would be July 24.

“The rational is that city has and will continue to have a serious cash flow problem that will continue into the next fiscal year,” Igliozzi wrote.

In January, internal auditor Matthew Clarkin and city treasurer James Lombardi informed members of the Council that the city could run out of cash by June.

But since that time, Providence has taken several measures to close its budget gap, including reaching agreements for payments in lieu of taxes with Johnson & Wales, Brown University and Lifespan. The city also plans to freeze cost-of-living-adjustments (COLAs) for retirees.

Councilman Sam Zurier has already taken steps to inform his constituents of the possible changes to the tax deadline.

“If we receive sufficiently clear information from the General Assembly, this year’s schedule will permit the City to send out tax bills in July rather than August, which will assist greatly in managing short-term cash flow,” Zurier wrote in a letter dated May 14. “I encourage you to begin planning today for the possibility of paying the first quarter of taxes a month earlier than usual, so you will be ready if the City Council meets its schedule. I regret having to ask this of you, but the alternative for the City would be to obtain short-term financing which would result in higher taxes due to interest and transaction costs.”

Last year, the city moved its first tax deadline up from September to August.

Dan McGowan can be reached at dmcgowan@golocalprov.com.

 

Enjoy this post? Share it with others.