PROVIDENCE – It’s no secret that the abrupt economic shutdown caused by the new coronavirus will have serious implications for state and municipal bottom lines.
Two members of the City Council say they need to know exactly how bad its shortfall is, introducing a resolution on April 16 that calls for the city finance director to provide a “detailed report on the current financial position.”
The resolution introduced by Majority Leader Jo-Ann Ryan and Majority Whip John Igliozzi specifically requests a financial report detailing a plan for how the city will address budget shortfalls, an assessment of city contracts, identification of all unspent Capital Improvement Plan funds and an evaluation of planned expenses for the rest of the fiscal year.
The council members say these details are needed before the council can begin reviewing the city’s fiscal year 2021 budget, which Mayor Jorge O. Elorza plans to introduce at the end of the month.
Elorza at the end of March announced cost-cutting measures, including a city hiring freeze, and said the city was considering taking on a line of credit to fill the gap in cash flow.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@pbn.com.
