Wed August 18, 2010
Central Falls receiver rolls out new budget
By Catherine Welch
Providence, RI – Central Falls is expecting a $6.3 million budget gap for this fiscal year. The city's receiver Mark Pfeiffer says he was mindful of taxpayers as he crafted the new budget.
To help bridge the gap, residents will pay a ten-percent property tax hike, new fees, and a motor vehicle exemption that goes from $6,000 to $1,000.
To cut expenses, the city chopped nearly a million dollars from the payroll and more than $100,000 in the operations budget by cutting back on cell phones and turning off street lights.
The budget takes care of the city's immediate financial problems, says Central Falls receiver Mark Pfeiffer.
"We believe that it puts us in a good place to get through this fiscal year while we move on and try to identify and provide solutions for the problems that will still be there at the end of this budget cycle."
Central Falls debt for the last fiscal year, sits at $2.1 million. That doesn't include a required $3.4 million contribution to the city's pension funds.