That’s about a two percent increase overall from the current year budget. Providence Mayor Jorge Elorza gave his third budget address Wednesday evening at City Hall. The address comes as steep financial issues loom over the city.
The city faces more than $900 million in unfunded retiree pension costs as well as a structural deficit. However, there are no new taxes in the proposed budget, and Mayor Jorge Elorza touted the city's work to gain a better financial footing.
“We ended last year with the biggest surplus in over 20 years in our city, we’re making 100 percent of our pension contributions, and we’re doing it sooner than we have in a decade,” said Elorza.