Providence mayor signs $583M fiscal year 2024 budget

MAYOR BRETT P. SMILEY signed the fiscal year $583 million budget Monday, four days after it cleared the City Council. / PBN FILE PHOTO/MICHAEL SALERNO
MAYOR BRETT P. SMILEY signed the fiscal year $583 million budget Monday, four days after it cleared the City Council. / PBN FILE PHOTO/MICHAEL SALERNO

PROVIDENCE – Mayor Brett P. Smiley on Monday signed a $583 million fiscal year 2024 city budget, four days after it was approved by the City Council. 

The new budget, which will go into effect on July 1, is a 3% increase from the current year.

The tax and spending plan increases residential property taxes to $18.35 per $1,000 of assessed value, a 55-cent increase, and cuts the levy on commercial properties from $35.40 to $35.10 per $1,000 of assessed value.  

The budget also includes an 11% cut in the owner-occupied tax exemption from 45% to 40%. 

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“I am proud of this final budget that will help us prepare for the future while focusing in on the things our residents and businesses care most about,” Smiley said in a statement. “This was a collaborative effort with the City Council that we believe will set Providence on the right path forward.” 

The 2024 budget includes a 2.75% increase in municipal salaries; 4% for the fire department; and 1% for police. Additionally, the city would make 100% of its annual pension contribution through a $104.9 million payment. 

As for the ongoing negotiations of payments in lieu of taxes between the city and its nonprofits, the budget level-funds its assumption at $7.1 million, though the city expects a new agreement to be finalized before the beginning of the next fiscal year.

“The budget received broad support on council because it is a fiscally responsible budget that achieves savings for our residents without sacrificing quality-of-life city services,” City Council President Rachel Miller said. “The council listened to our neighbors hit hard by steep home revaluations and significantly lowered proposed property tax increases. The FY24 budget lays the groundwork for strong PILOT agreements with our tax-exempt institutions, freezing nonessential hiring until we have signed agreements.” 

The fiscal year 2024 budget also includes $193,000 for sidewalk improvements and an increased investment of $25,000 for downtown and park space.  

A $100,000 investment is included for a new, modern 3-1-1 system to better track, report and resolve constituent requests. 

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