Central Falls releases financial plan
PROVIDENCE, RI – A bankruptcy court judge will get the details this morning of a five-year plan to pull Central Falls back into a budget surplus. The plan involves raising taxes and cutting services.
The financial projections shows city revenues rising by nearly 5 percent during the life of the plan, with Central Falls breaking even by 2014. This includes putting school district finances back under city control. While the report acknowledges that property values will drop, it calls for raising taxes by 4 percent, claiming Central Falls has a 92 percent property tax collection rate.
To cut costs, Central Falls will merge some of its services, such as the library, while replacing the police and fire chief with a public safety manager. Flanders says he wants elected officials to take over city operations as soon as possible.
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