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Deficit

Thursday, January 12, 2012

R.I. House Gives Green Light to State Aid Advance

The bill passed 64-1 on the House floor.

Members of the Rhode Island House of Representatives overwhelmingly passed a legislative bill that will give East Providence an advancement in its state aid. The payment will float the city until May. It was projected East Providence would be broke without an influx of cash by March. "I would not be standing here asking you to do this," said Rep. Helio Melo, chairman of the House Finance Committee (D-East Providence). "Obviously the city is in default of some contractual obligations...It gives the city time to develop strategies." The bill passed 64-1. Rep. Robert Watson (R-East Greenwich, West Greenwich) was the only no vote. He had concerns with an amendment to the bill that states East Providence is not in default due to outstanding …

In this Article:

State Aid May Come Early for East Providence and Budget Commission Works to Stop 'Fiscal Death Spiral'

Arthur Dolloff

2:20 pm on Friday, January 13, 2012

If these clowns can't make this work there may be little left we can do. Sure it gets the city out of immediate trouble but it does little to fix the real problem. Align the tax and fiscal year and put transparency into the program so even a simple working taxpayer can understand what is happening. Get rid of the Great Wizzard and make the man behind the green curtain stand before the people and …   more ›

Budget Commission Works to Pay Outstanding Debts

Vouchers exceeding $25,000 were approved by the commission.

The budget commission is banking on state legislators' votes tonight. According to Michael O'Keefe, chairman of the budget commission, a proposed bill to advance the annual state aid payment could give East Providence about $12.7 million. "It gives us breathing room until May," he said at Thursday's budget commission meeting, noting an immediate cash flow issue was his main concern.  Members also discussed the possibility of creating further incentives to push residents to pay their tax bills months earlier than the deadline. Before the idea is brought before residents, members will assess the fiscal benefits. "It may not be cost-effective," O'Keefe said. Commission members must still calculate the amount needed to fund pension liability …

In this Article:

House and Senate to Vote on Early State Aid Legislation

Arthur Dolloff

2:09 pm on Friday, January 13, 2012

The early pay of taxes would be a good idea if it went with assurances that our city council would be more transparent. Listing the debts they are willing to pay is great, except we have no way of knowing what these debts are for. Or if they are bloated because of interest accumilations and late fees. Transparency is a very open book, not just a peek at selected pages. Good faith advanced tax …   more ›

House and Senate to Vote on Early State Aid Legislation

The bill would give the budget commission authority to certify to the state Department of Revenue that the city needs an advance of its education aid and to determine the amount necessary.

Today the House and Senate will vote on legislation requested by the East Providence Budget Commission that would help the city receive its state education aid early to prevent it from running out of cash later this month. They will cast their ballots at approximately 4 p.m. The legislation is sponsored by the chairmen of the House and Senate Finance Committees, both of whom are from East Providence, Rep. Helio Melo (D-Dist. 64, East Providence) and Sen. DanielDa Ponte (D-Dist. 14, East Providence, Pawtucket), reads the release. The bill would give budget commissions – the panels appointed by the state to help financially troubled municipalities address their fiscal needs – the authority to certify to the state Department of Revenue that …

In this Article:

Budget Commission Isn't the Work of 'Political Intrigue', State Aid May Come Early for East Providence, and East Providence's Bond Rating Downgraded

Arthur Dolloff

4:10 pm on Thursday, January 12, 2012

Its always about the votes: Getting them Keeping them Selling them Protecting them Using them for personal gain Using them to repay supporters. Lets face it the system is corrupt and unless we watch over it and call a clown a clown or whatever term you perfer to use, WE STILL GOTTA KEEP AN EYE ON THEM AND TELL IT LIKE WE SEE IT !   more ›

Tuesday, January 10, 2012

Middle School Sports, Small Class Sizes on the Chopping Block

Members discussed the results of an audit that proposes an additional $1.5 million in department savings at Tuesday's East Providence School Committee meeting.

East Providence Patch reported live from city hall during Tuesday night's school committee meeting. To balance the city budget, members voted to accept a B&E audit report that includes $3 million in proposed adjustments - including the elimination of half-day kindergarten, middle school sports, and classes that only attract a small group of students. School committee members voted to study the fiscal impact of those adjustments before they made the recommended cuts. The school committee has already voted on many of the audit's recommendations, so far saving $1.5 million in next year's budget. The audit also praised the department's highly successful special eduction program and urged administrators to hire essential staff, including a …

In this Article:

East Providence Officials Hire Consulting Firm to Audit City Finances and Meadowcrest Early Learning Center

Govstench

10:59 pm on Tuesday, January 17, 2012

There is a lot to be done to turn this around. The teachers are complaining that they are the lowest paid in the state, the taxpayers are against the wall with their taxes with some throwing in the towels and leaving, and the students are feeling it in the end. The system is broken and the people have to come together and straighten it out. Years of neglect, special contracts and political …   more ›

Thursday, January 5, 2012

State Aid May Come Early for East Providence

East Providence should be able to make payroll through the end of March.

State aid to the rescue, maybe. Members of the budget commission are actively researching initiatives to bail out East Providence's floundering finances. One proposition: ask the Rhode Island House Finance Committee if an early state aid payment can be deposited in East Providence's coffers. The city usually receives the funds by April 30, said Finance Director Ellen Eggeman after Thursday's meeting. A $12.2 million deficit is projected for April. The city also as an option of buying a bond to bridge the deficit. Municipalities, such as Woonsocket, have secured loans while reducing debt. But a poor credit rating is compounding the city's financial woes. According to Maureen Gurghigian of First Southwest, a finance firm that does consulting…

In this Article:

Moody's Again Drops East Providence Bond Rating

Govstench

9:14 am on Sunday, January 8, 2012

This early state aid request may lead to a stampede by other municipalities. The best way to describe this credit crunch going on is to see an ever expanding sink hole envelop a community. The urban areas are really feeling the crunch and it is spreading. Pension liabilities are behind much of this and managers are at fault. Shifting funds to operating budgets vs. making payments got everyone …   more ›

Wednesday, January 4, 2012

Budget Commission Isn't the Work of 'Political Intrigue'

Councilors voted against changing the tax billing schedule to level East Providence debt.

City councilors unanimously voted to table a resolution that would have altered tax collection schedules to help pull East Providence out of its mounting debt. It's no secret administrators are anxious to secure a stopgap in cash flow. They project the city will be broke by the end of January unless they secure additional Tax Anticipation Notes (TANs). The city's borrowing ability has been constricted by the latest bond downgrade; Bank of America only lent $10 million leaving administrators scrambling. After this morning's third budget commission meeting, members agreed to further study the impact of the proposal. Mayor Bruce Rogers said many residents would not be able to handle an extra bill, that some would be "forced out of their homes…

In this Article:

Budget Commission Works to Stop 'Fiscal Death Spiral', Moody's Again Drops East Providence Bond Rating, First Budget Commission Meeting Held at City Hall, and 1 more ›

jeff tolah

11:49 pm on Thursday, January 5, 2012

Very True I for one am tired of being lied to Conley with these long drawn out word stories about absolutely nothing...I need 40 days for my deficit meetings... you had 120 or so.... you found nothing but blame Larisa for it all..Keep Taking Care Johnston!. Then you have Mayor Rogers... Bruce without that gavil banging... you are powerless..but I have to agree with your time clocks because I …   more ›

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