opinion

Did Central Falls do the right thing by declaring bankruptcy?

Posted 5/24/10

Last week Central Falls leaders declared the city insolvent, thanks to a deficit for the fiscal 2010 year of $3 million, nearly 17 percent of the entire budget.

In addition, the city has $4 million in assets on hand, with $35 million in long-term pension obligations, $1.5 million which are owed in this fiscal year.

Is declaring bankruptcy the right thing to do, given the long-term effects it will have on the city’s ability to get financing down the road?

And how many more Rhode Island towns and cities face the same prospects?

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