Mayor hopeful Providence can avoid bankruptcy; in court soon
February 6th, 2012 at 1:26 pm by Ted Nesi under Nesi's Notes, On the Main Site
By Ted Nesi
PROVIDENCE, R.I. (WPRI) – A markedly more upbeat Providence Mayor Angel Taveras expressed optimism on Monday that Rhode Island’s capital city can avoid bankruptcy through the collective efforts of city and state officials.
Taveras pushed back forcefully against those who’ve urged him to simply file for Chapter 9 bankruptcy. His comments came after a closed-door briefing where he and other city officials briefed lawmakers, including Senate President M. Teresa Paiva Weed, on the looming crisis that led him to warn last week the capital is on “the brink of bankruptcy.”
Providence faces a roughly $22.5 million deficit in its budget for this fiscal year, which ends June 30, and a projected $30 million deficit in its budget for 2012-13, according to Michael D’Amico, the city’s director of administration.
City lawyers will meet with a high-court official on Wednesday as a first step in its effort to overturn last week’s decision blocking it from moving retirees to Medicare. Taveras also hinted that he could have “positive news” to release soon regarding a deal with Brown and the other tax-exempts.
An earlier version of this story reported, based on official comments, that the meeting at the Rhode Island Supreme Court would occur Monday. A court spokesman said it is scheduled for Wednesday.
(photo: Ted Nesi/WPRI)
Tags: angel taveras, bankruptcy, lincoln chafee, municipal, providence, providence financial crisis, state government
Nesi's Notes covers politics and the economy in and around Rhode Island for WPRI.com. (Twitter: 
Prov may declare dodging the bankruptcy bullet for the moment, but the cloud of uncertainty will hang over the state for the long term. This is not good for attracting business investment.
I’m not sure which was worse, bankruptcy, or no bankruptcy.
GaryM remember what was yelled at the Chicago cops during the 1968 Democratic Presidential convenvtion. “The world is watching!” Rhode Island elected officals and citizens, the world is watching, it is over for Rhode Island. In other words stick a fork in it, it is WELL DONE!
It’s impossible to believe that the city’s debt is that low.