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Fri August 23, 2013
Mayor Taveras Expects to Balance City Budget for FY 2013
Providence Mayor Angel Taveras says he expects the city’s budget for the last fiscal year to be balanced when the books close on it at month’s end. Providence is still working to eliminate a small structural deficit.
Taveras inherited a 110 million dollar deficit when he took office in January 2011. Since then, the city has steadily whittled down that number. Taveras says the fiscal picture is solid as City Hall prepares to close the books for the budget year that ended June 30th.
"We expect the budget will be balanced and the only issue will be how much money we’ll have left to put into the rainy day fund," said Taveras.
Providence’s internal auditor, Matthew Clarkin, says it’s too early to say whether the city’s books are balanced for fiscal 2013, because data is still being evaluated. Clarkin works for the City Council and his financial projections usually vary from those provided by the mayor’s office. Meanwhile, Providence hasn’t completely eliminated a structural deficit that stems from a gap between revenues and expenses.
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