The City of Providence near the brink of bankruptcy
Mayor Taveras is now warning, if the city doesn't take drastic measures to deal with its fiscal crisis, a thirty-million dollar deficit
it will end up like Central Falls, bankrupt by June.the Mayor saying, we must take action, if the city is going to survive..
The Mayor wants more money from tax exempt institutions in the city.
Brown University alone- owns more than $1 billion dollars in- property that if privately owned by a taxable entity- would generate $38 million of revenue for Providence.
The Mayor also wants to meet with retirees in march..hoping to get them to agree to sacrifice their cost of living adjustments.. Mayor Taveras also said that if retirees and tax-exempt institutions won't give in,he may have to go to the tax payers with a supplemental tax to help make the up the deficit.