government

Chafee appoints fiscal overseer for East Providence

Posted 11/14/11

PROVIDENCE - Gov. Lincoln D. Chafee appointed Maj. Stephen M. Bannon of the state police to oversee the finances of East Providence Monday. The city is in the red for more than $10 million, according to a study done by state Department of Revenue Director Rosemary Booth Gallogly.

East Providence qualifies for state oversight, according to the governor’s office, under the Fiscal Stability statue, because it has a projected deficit and was recently downgraded by the ratings agency Moody’s.

Bannon, chief administrative officer of the R.I. State Police, will work to ensure that East Providence implements a balanced budget.

The City Council adopted a fiscal 2012 budget with a deficit of $3.2 million in the schools. And it retained an accumulated deficit of about $7.3 million from prior years.

“As a former mayor and City Council member, I understand the challenges cities and towns are facing, and I realize the importance of fiscally healthy municipalities to the overall wellbeing of our state,” Chafee said. “While East Providence has been experiencing financial difficulties for some time, recent payment problems have threatened vital city services on which city residents depend.

Calendar
PBN Hosted
Events

Applications are now being accepted for the 14th Annual Business Excellence Awards Program. Deadline to apply is October 1st. And save the date for the Awards Dinner - November 12th at the Providence Marriott.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement