PROVIDENCE, R.I. – Providence mayor Angel Taveras will hold a news conference this morning to report on the city's troubled finances. Providence faces a deficit next year that represents more than 20 percent of the city's entire budget.
A panel formed to look into the city's finances reported yesterday that the city faces a structural deficit of $70 million for the current fiscal year and $110 million for the next fiscal year. The entire city budget is about $620 million a year.
The huge deficits have already led the mayor to issue dismissal notices to all of the capital city's nearly 2,000 teachers although most will not be fired. And his spokeswoman, Melissa Withers, says four to six schools will be closed.
At today's press conference Taveras, who is just two months into his first term, will announce further actions his administration will take to close the enormous budget gaps.