PROVIDENCE – Providence City Council passed a $770 million fiscal 2020 budget Tuesday evening and Mayor Jorge O. Elorza signed it into law the same day.
The funding level is the same as the original proposed budget by the City Council and less than Elorza’s proposed $772.6 million budget.
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The passage includes the property tax homestead exemption of 40% with a flat tax rate of $24.56 per $1,000 of assessed value that was a sticking point between the mayor and council when they both released their budget proposals. The city is projected to collect $358 million in revenue from property taxes for the year, according to the council.
Residents have 90 days to contest their current tax bill from the date the first payment is due. The new tax rate was in response to a round of new assessments that saw property value increases across the city. The increase were said to have hit lower-income areas harder than others.
The mayor and the council had been at odds over the budget, but Tuesday evening Elorza issued a statement praising the budget.
“This budget builds on the responsible budgeting practices that have put our city on sound financial footing in recent years and continues investments to create opportunities for our youth, supports major arts and culture programming residents and visitors enjoy, and reflects our strong commitment to improving schools during this critical time,” Elorza said.
The budget largely flat-funds programs from fiscal 2019 levels.
“I again want to express my thanks to the Committee on Finance, the council’s finance team, council staff including the Clerk’s Department, the Internal Auditor’s department, and the Treasury Department for their hard work during this process,” said Council President Sabina Matos in prepared remarks Tuesday evening. “With the budget in the rearview mirror, that work continues, and I know that we are ready for the challenges that lay ahead. I look forward to continuing working with Mayor Elorza and my council colleagues on the many issues that face our city, especially around education, housing and pension reform.”
