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Thu December 16, 2010
Receiver calls for dramatic action in Central Falls
By CATHERINE WELCH
PROVIDENCE, R.I. – Central Falls receiver Mark Pfeiffer recommends merging Central Falls and Pawtucket.
Pfeiffer says for at least a decade the city created pension obligations but failed to plan on how to pay for them.
He says dramatic pension reform alone won't save Central Falls, and recommends either merging with Pawtucket or creating a regional partnership for fire, police and public services.
He also urges swift action from lawmakers to craft pension and retiree health care benefit reforms, and recommends that the state take over the Wyatt Detention Facility.
He says the General Assembly must immediately figure out how it will subsidize Central Falls in the fiscal year starting next July. If not, they will have to figure out how to declare Chapter 9 bankruptcy without sending shockwaves through the bond ratings industry.
Pfeiffer released a report Thursday that says Central Falls will be facing a $25 million debt between 2012 and 2016.
He says it will take years to turn the city around. Whether he's the person who will guide the recovery remains to be seen. Pfeiffer's contract ends January 11th. He says he doesn't know if he will continue on in the job or whether the position will be extended.
Read the report
Central Falls Receiver Mark Pfeifer's report can be found here.
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