VIDEO: Elorza Releases $500 Million Budget Proposal During Coronavirus Crisis
GoLocalProv News Team
VIDEO: Elorza Releases $500 Million Budget Proposal During Coronavirus Crisis
The Providence City Council recently called on the city to reveal its financial footing, in light of the coronavirus crisis -- after GoLocalProv.com unveiled that Providence is facing the possibility of needing to borrow money to cover operating expenses, due to the coronavirus crisis.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“Though we find ourselves in uncertain times, our residents need the support of a government that truly works for them now more than ever,” said Elorza. “Our residents have been asked to make sacrifices in ways that seemed unimaginable just a couple months ago. We crafted this budget with that in mind; bringing relief where we could, providing support where it was needed, and never stopping from investing in the vision of our New Providence.”
Elorza's Budget
According to the city, Elorza’s proposed budget does not increase residential or commercial taxes, and proposes that small businesses with tangible personal property assessments under $10,000 will not have to pay tangible taxes this year, pending state approval.
Currrently, the city has an extension of fourth quarter tax deadlines for current taxpayers with non-escrowed payments and the recently announced Providence Business Loan Fund relief program, with loans for eligible businesses starting at $10,000.
The proposed FY21 budget provides $580,000 from the municipal budget for summer learning programs and $1.2 million for summer employment opportunities, and a proposal of $350,000 for pre-kindergarten supports.
Mayor Elorza’s proposed FY21 budget can be accessed online at openbudget.providenceri.gov.
It now goes to the Providence City Council.
This data does not include school pass-through and state aid.
Current data on FY20 can be found using the FY20 Budget Expense Explorer and the FY20 Budget Revenue Explorer.