video: ABC6’s “In The Arena” - Rickman Rips City of Providence for Failure to Address Finances
Sunday, January 08, 2017
Council President Luis Aponte joins moderator Joe Paolino, Rickman and GoLocal's CEO Josh Fenton for a wide range discussion of issues facing Providence.
Related Slideshow: 2016 Providence Benchmark Report - Ten Big Takeaways
#10. Baseline Deficit
$10 Million in FY19
"Without layering in necessary OPEB funding, it is approximately 105 police officers or a commercial and residential tax increase of 4%."
9. Pension Fund Status
"Among comparative New England cities, Providence is “one of two benchmarked pension funds with less than 30% funded status.”
"Providence is responsible for about 60% of its principal arterial roadways; the two next largest cities in Rhode Island are responsible for a lower percentage of principal arterials - about 21% and 6% for Cranston and Warwick, respectively."
7. State Aid
"From FY 2005 to FY2016, state revenues to Providence decreased by 32% or $17.5 million. Since State Aid peaked in FY2007, the City’s State aid revenues decreased by 44.3 percent or $29.6 million."
6. PILOT Payments
5 out of 6
"In FY16, Providence is on track to receive $7.1 million in PILOT agreements from five out of six major non-profits. Not paying anything — Lifespan."
5. Credit Rating
"Compared to 9 other cities, Providence has the lowest credit rating with a Baa1 rating as of its most recent 2015 bond issue."
4. Fire Ladders
Lladder companies per square mile.
"The PFD has the greatest number of engine and ladder companies per square mile - almost 20% higher than the median."
3. Fire Callback
"In FY2015, Providence spent $7.6 million on Fire Department overtime, 96% of which was driven by callback spending."
“Compared to eight other New England cities, Providence has the highest minimum staffing level, the highest fire suppression minimum staffing level, slightly greater per capita fire suppression staffing, and the highest minimum staffing per square mile,” writes the report.
2. Deferred Maintenance
"According to city estimates, the approximate cost of catching up on deferred maintenance news alone — roads, schools, sewers, sidewalks — is $868 million."
1. Capital Funding
Beyond addressing deferred maintenance, Providence news to achieve a cycle of proactive capital investment based on asset useful lives,” writes the report. “Based on these theoretical calculations, capital funding needs for life-cycle projects might be $42 million per year just for roads and buildings, not including sewers, sidewalks, or anything else.”
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