The Ocean State had its ups and downs in 2012. Here are some standout stories from across RI.
Deficit Distress:
Providence has a lot to be thankful for in the new year. For a few months last year, it didn’t seem that the city would make it to 2013. In March Mayor Angel Taveras first announced the city faced the possibility of bankruptcy and suggested that a “category five” fiscal crisis was imminent. Taveras battled a $110 million deficit throughout the year, calling on the city’s non-profit institutions to increase their PILOT (payments in lieu of taxes) contributions. The University felt the pressure — as students, faculty and city residents called on former president Simmons to step up to the Mayor’s demands — to finalize negotiations with Taveras and in May, Simmons and Taveras jointly announced an agreement under which the University promised to contribute an additional $31.5 million to the city over the next eleven years. The city’s other universities, colleges, and hospitals have also stepped up to help close the deficit and facilitate some fiscal stability. Taveras is set to present the city’s budget for the next fiscal year on Jan. 29 during the annual “State of the City” address.
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