PROVIDENCE – The city’s $568 million spending plan for fiscal 2023 is now official, with Mayor Jorge O. Elorza signing the budget on June 24.
Also included in the new budget for the year that starts July 1 are a series of tax rate decreases for residential and commercial property owners, although soaring property values as a result of a recent city revaluation mean most residents and business owners will see their annual tax bills go up, according to city tax analysis.
The $567.3 million spending plan, which was also approved by the City Council, marks a 5.2%, or $27.8 million, increase over the prior year’s budget, which would be covered in part by $25.5 million of the city’s American Rescue Plan Act funds.
The city has already approved a separate plan for how to distribute the city’s remaining $124 million in federal relief money, including nearly $37 million to plug holes in the next two budget years. Many of Elorza’s signature initiatives, including a racial reparations program and affordable housing funding, are included in the ARPA budget.
With that in mind, the main fiscal 2023 spending plan does not introduce many new projects or programs but instead continues to concentrate on issues of years past: public safety, youth programming and high-paying jobs, and affordable housing.
There is also a $5 million contribution to redevelop the “Superman” building, and $1.5 million for a new police academy to add up to 50 police officers.
The budget also includes a $100.3 million payment to the city pension fund, and $100,000 would be set aside for the city’s rainy day fund.
Separate from its general fund, the budget proposal also includes $500 million worth of capital projects to be funded over the next four fiscal years.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
