Cranston residents will face no property tax increase next year under a budget proposed Tuesday night by Mayor Allan Fung. He has submitted a $262 million spending plan that would fully fund the city’s annual pension obligations while not hiking property taxes.
The average Cranstonian pays $5,000 a year in property taxes. Fung admits that’s high, but says just keeping taxes from rising has been a challenge given state funding cuts and the devastation caused by the great flood of 2010.
“I’m not disputing the fact that the rate is high, absolutely agree with that,” said Fung. “But this is also one of the things that has happened with losing that designation as a distressed community and correspondingly, we’re also losing those state dollars that go with it.”
While Cranston is fully funding its pension this year, it is one of the most underfunded plans in the state at 21 percent. City officials said it will take 24 years to bring it back to full health.
Fung is one of six candidates vying for Rhode Island’s open gubernatorial seat.
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