Press release from the Mayor’s Office:
Mayor Taveras Presents FY13 Budget to City Council
A Balanced Approach Protecting Taxpayers and Positioning Providence for Future Growth Proposed budget increases tax revenue without raising tax rates, begins to replenish reserves, counts on pension reform and increased contributions from tax-exempts
PROVIDENCE, RI – Delivering an address that outlined his proposed budget for next year to the City Council, Providence Mayor Angel Taveras today presented his progressive vision for moving Providence beyond its fiscal crisis to focus on jobs, economic growth, public education and public safety. The Mayor also called on the City Council to enact legislation reforming Providence’s unsustainable pension system and reiterated his call for all of Providence’s seven large tax-exempt institutions to contribute more to the city.
The Mayor’s proposed $638.4 million budget for the fiscal year that begins on July 1 holds the line on city spending, collects increased tax revenue without raising tax rates on homeowners, car owners and businesses, and begins to replenish Providence’s rainy day fund. The FY13 budget also counts on reform of city’s pension system and increased contributions from large tax-exempts.
“This budget shows our city successfully pulling back from the brink and positioning for a new era of growth and prosperity,” Mayor Taveras said during his 23-minute address. “But let me be clear: this budget counts on our ability to finish the difficult work of structural reform. It once again relies on increased support from all of Providence’s large tax-exempt institutions. And it rests on the conviction that Providence must finally fix its broken pension system in the days and weeks ahead.”