Long-term obligations drag on Providence finances, despite surplus

THE PENSION plan in Providence continues to weaken, as its unfunded liability continues to grow while the plan’s funded ratio steady falls, according to data from the Providence Fiscal 2016 Audit, R.I. Division of Municipal Finance and PBN research. / PBN GRAPHIC/ELI SHERMAN
THE PENSION plan in Providence continues to weaken, as its unfunded liability continues to grow while the plan’s funded ratio steady falls, according to data from the Providence Fiscal 2016 Audit, R.I. Division of Municipal Finance and PBN research. / PBN GRAPHIC/ELI SHERMAN
PROVIDENCE – Despite ending fiscal 2016 with a $10.3 million budgetary surplus, long-term obligations continue to paint a dreary financial picture in Providence. The city’s unfunded pension liabilities grew 9.4 percent – or $84.3 million – to $985.1 million during fiscal 2016. At the same time, the city continued a long-time trend of underfunding its…

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