Home Economy Prospect of budget deficits reemerges in Providence after years of surpluses

Prospect of budget deficits reemerges in Providence after years of surpluses

THE PROVIDENCE CITY COUNCIL on Thursday held its first meeting since adjourning for summer recess. Pictured is Majority Leader James Taylor (left) and Majority Whip Miguel Sanchez (right) during a motion to waive the reading of a Sept. 12 memo from finance director Lawrence Mancini which projects double-digit budget deficits for the next two fiscal years, rising to almost $23 million in fiscal 2028./PBN SCREENSHOT

PROVIDENCE – Like its Statehouse counterparts on Smith Hill, after years of surpluses city officials are being confronted with the prospect of future operating budgets with growing gulfs between expenditures and the revenues needed to pay for them. After closing fiscal 2015 with a cumulative deficit of $13.5 million, the city reported year-end surpluses for

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