Providence: $180 million structural deficit over two years

As expected, Providence Mayor Angel Taveras has slated a 10 am news conference for Thursday to elaborate on the city’s financial problems. Here’s the short version, via news release from City Hall:

The Finances Review Panel delivered its final report to Mayor Taveras late Tuesday evening.  The Mayor’s team will make full copies of the report available at 10AM on Thursday morning. A summary of the report is as follows:

• This fiscal year’s structural deficit is $70 million.

• Next fiscal year’s structural deficit is $110 million.

• Without immediate remediation efforts, the City is expected to end this year with a deficit of as much as $29 million.

• These figures all assume no mid-year reductions in state aid.

“The findings of the Municipal Finances Review Panel lay bare the true extent of Providence’s financial crisis,” Mayor Taveras said. “When I took the oath of office on January 3, I made a commitment to be honest with the people of Providence about the problems we face. I also promised that I would not shy away from making tough decisions to put our city back on firm financial footing. We are taking immediate actions to make the tough decisions needed to move Providence forward. Our citizens expect and deserve nothing less.”

The Municipal Finances Review Panel will present and distribute its full report at tomorrow morning’s Press Conference. Mayor Taveras will outline the actions his administration will take to address Providence’s fiscal crisis.