I owe Buddy Cianci a correction.
Numbers were flying fast and furious during Tuesday evening’s Providence mayoral debate, and I got mixed up during the section on pensions when Cianci was talking in calendar years as I was looking at city audits that are in fiscal years.
It happened when Cianci said the city “finally got up to 80% funded in 2002,” meaning that the city made 80% of its annual required contribution (ARC) to the pension fund that year. Knowing the numbers somewhat (and recalling that Cianci incorrectly said on a recent Newsmakers that he made 100% contributions in his final years), I said the city’s contribution was actually around 60% that year.
Cianci then clarified that the final budget he put together before his September 2002 resignation was for the fiscal year that ran from July 1, 2002, to June 30, 2003. And indeed, the city audit shows Providence did make 80.25% of its annual required contribution to the pension fund in the 2002-03 fiscal year, which is the budget Cianci was putting together in the spring of 2002.
(To compound things, as I tried to separate calendar from fiscal years on the fly I misread the 2002 and 2003 numbers when I looked down at the pension page from the city audit, and incorrectly said he only made a 60.6% contribution in 2002 and a 64.18% contribution in 2003; that was in fiscal 2001 and fiscal 2002.)
On this point Cianci was right, and I was wrong: the Cianci administration did indeed increase Providence’s annual required contribution (ARC) to the pension fund from 60.6% in the 2000-01 fiscal year to 64.18% in the 2001-02 fiscal year and 80.25% in the 2002-03 fiscal year, his final budget.
Mea culpa, mea culpa, mea maxima culpa.
• Related: Providence’s troubled city pension fund, in four charts (Oct. 1)
Ted Nesi ( email@example.com ) covers politics and the economy for WPRI.com and writes the Nesi’s Notes blog. Follow him on Twitter: @tednesi