Elorza signs $696M FY 2016 budget

PROVIDENCE – Mayor Jorge O. Elorza signed a $696 million budget for fiscal 2016 on Thursday that he said takes a “major step” in addressing the city’s fiscal woes.

“This budget is a major step toward addressing Providence’s ongoing financial challenges without raising taxes on residents or commercial properties,” Elorza said in a statement. “The Providence City Council have been strong partners in this process, and I am grateful for their commitment to the important decisions that will help Providence succeed.”

Elorza introduced his proposed budget in an address before the City Council on April 29. The Providence City Council approved the fiscal 2016 budget on Wednesday night.

The budget represents a 2.7 percent increase from the fiscal 2015 budget, and it will take effect July 1, the start of fiscal 2016.

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According to the mayor’s office, $680,000 in funding was included to provide bus passes to an additional 1,000 students who live more than two miles away from their school (previously passes only were available to students who lived at least 2.5 miles away from their school).

The budget also was amended to include a slight tax decrease – 65 cents per thousand – for non-owner occupied buildings. The rate will go from $33.75 per thousand dollars of assessed value to $33.10, according to the mayor’s office.

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