Chart: How Taveras closed most of Providence’s $110M deficit

Well, in the end Providence didn’t file for bankruptcy – an outcome that loomed as a very real possibility last winter when the city’s cash flow crisis was most acute (and a confused Judge Taft-Carter made things worse). The final audit shows Providence finished fiscal 2011-12 with an $11.4 million deficit.

The Taveras administration acknowledges the city budget still has a built-in $4 million structural deficit, though that’s way down from the $110 million shortfall his fiscal review panel originally found. So how did the mayor eliminate 96% of the structural deficit? Here’s a chart from the city with their breakdown:

(“Revenue enhancements” has to be one of my least favorite bits of political spin. I don’t expect press shops to switch to “Job-killing tax hikes,” but what about plain old “Revenue increases”?)

  • Mr. Fish

    you mean it IS possible to close deficits with “revenue enhancements”

    you mean it IS possible to negotiate labor deals?

    How come Angel isn’t on the cover of investment magazines?

  • art yatsko

    Maybe Pelosi should appoint Angel to their budget committee.

  • Matt

    Nothing has changed in Rhode Island, the people who work in the private sector are going to have to pay the bills while those moochers and looters get more than they are worth courtesy of the povery pimps in the General Assembly and City Hall. The city needs to elminate all social services, allocate a set dollar amount to every child to go to the school of his parents choice. When the kids start leaving the schools start with firing the underperforming teachers then close the underperforming schools. Get the message out to the teachers you show results or you can be replaced. Remember when Central Falls “fired” their teachers there were 700 applicants for the 93 jobs. There are people who are willing to do the job as it should be done.

    • Cosmo

      I like it but let’s face it Rhode Island has never really changed and it never will. The moochers and looters have a choke hold on the entire state and they are not about to relinquish it. And thanks to the fools who re-elected the poverty-pimp-in-chief the tiny bit of hope I had for the rest of the country is probably gone too.

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