SLIDES: State of the City Winners & Losers
Wednesday, January 30, 2013
In a half-hour speech focused largely on the many ways in which his administration has dealt with a massive $110 million dollar structural deficit he inherited, Taveras told those in attendance that Providence has not only made it through the worst of its struggles but is on pace for a recovery.
“As I stood before you on February 13, 2012, Providence was running out of cash, and running out of time,” Taveras said. “In the months that followed, there were some who said Providence could not avoid filing for bankruptcy. Today it is my privilege to deliver a much more hopeful report on the State of our City: Providence is recovering.”
Taveras’ speech highlighted the concessions that unions and retirees made to overhaul the city’s pension problems and he lauded the voluntary payments that tax-exempt institutions came forward with in the city’s time of need.
Still, he said, much has to be done to keep Providence on its current path.
“Through collaborative efforts and shared sacrifice, we have all but eliminated our City’s $110 million structural deficit, and we expect to end this year with a balanced budget,” he said. “Working together, we have accomplished what few believed possible.”
While Taveras’ speech was short on specific proposals the city should expect when he unveils his budget this spring, there were a number of winners and losers from the Mayor’s State of the City address.
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