PROVIDENCE, R.I. – The US Securities and Exchange Commission has opened an investigation of Rhode Island's bond offerings.
State Treasurer Gina Raimondo says the SEC told her about the investigation on Monday. Raimondo, who started in her job last month, says the reason for the probe hasn't been identified. But she says the SEC has raised its scrutiny of the disclosure provided by states about their unfunded pension liability.
PROVIDENCE, R.I. – Rhode Island start-up accelerator Betaspring is taking part in President Obama's latest effort for entrepreneurs. The program, called Start Up America, will help launch new businesses around the country as a way to jump start the economy. Betaspring Managing Partner Allan Tear says it's exciting to be a part of the president's push to "win the future."
PROVIDENCE, R.I. – The Providence City Council is slated to take a preliminary vote this evening on a new $638 million budget.
Mayor Angel Taveras says the city is poised to end an unprecedented situation in which it has operated for months without a budget. Two votes are necessary to approve the spending plan, and the second is expected later this month.
A recently completed audit found that the city's liabilities for the fiscal year ending last June 13 exceeded its assets by $20 million.
PROVIDENCE, R.I. – Former Providence Mayor David Cicilline is defending the near depletion of the city's reserve fund, saying he had to make tough choices.
A new audit finds during the last fiscal year, the reserve fund went from $17.3 million to $3.4 million.
Last October the city auditor warned about a draining fund. At the time Cicilline's office claimed the warning was political. Cicilline now says he tapped into the rainy day fund because it was raining.
PROVIDENCE, R.I. – The Charlestown Historical Society is trying to wrap up fundraising for a campaign that started back in 1977.
The Charlestown Historical Society has never had its own museum. Instead, for the last 43 years it's bounced around town, setting up exhibits at the police station, fire station, city hall, the library.
The society received a $5,000 donation to build a home back in 1977, and then efforts stalled.