BREAKING NEWS Taveras Orders Review of City Finances
Stephen Beale, GoLocalProv News Editor
BREAKING NEWS Taveras Orders Review of City Finances
“This review is the catalyst we need to jump-start a full remediation of the City’s fiscal condition. We cannot afford to wait another day: we need expert support straight out of the gate to put Providence back on strong financial footing,” Taveras said.
Members of the Municipal Finances Review Panel will include: Director of Administration Michael D’Amico, former Rhode Island Auditor General Ernest Almonte, Acting Rhode Island Auditor General Dennis Hoyle, former Providence Finance Director Alex Prignano, and Certified Public Accountant Ken Richardson. D’Amico will chair the panel.
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In conducting its review the panel has been given “immediate and unfettered access” to the financial information for each of the city’s departments. Its review will include an evaluation of the Providence School Department and the Public Safety Department, according to the Mayor’s office.
Chafee, Fox voice support
Taveras said he had consulted with state officials before issuing the executive order, saying he had their full backing. “I commend Mayor Taveras for his foresight in launching this review. The stability and fiscal health of Providence is necessary for the success of Rhode Island as a whole,” Governor Lincoln Chafee said in a statement released by the city.
The leaders of both the Rhode Island House and Senate also added their support:
House Speaker Gordon Fox: “As both City and State we must work together whenever possible to improve the financial strength of Rhode Island. I fully support Mayor Taveras in his decision to enlist a panel of independent experts to guide a swift analysis of City finances. The financial health of our Capital City is crucial to the well-being of our state.” (Fox also had requested that Hoyle participate in the review process.)
Senate President M. Teresa Paiva Weed: “I support the Mayor's decision to enlist financial experts to ensure that our Capital City is on firm financial footing. I have advised Mayor Taveras that the Senate Fiscal Advisor and our staff are prepared to provide assistance to the Panel wherever needed.”
Panel faces 30-day deadline
The panel will hold its first meeting next week and has been asked to complete its review in 30 days. At the conclusion of that process, the panel will make recommendations on how to put the city’s “fiscal house in order” and identify ways to make city finances more transparent.
“This is the beginning, not the end, of a comprehensive overhaul of City fiscal policy,” said Taveras. “My team will use the work of this Finances Review Panel to accelerate all ongoing efforts to create short- and long-term financial stability in the City of Providence. It is my top priority to create government that the citizens of Providence can trust.”