PROVIDENCE – R.I. Department of Revenue Director Rosemary Booth Gallogly announced last month that she has disbanded the Woonsocket Budget Commission and returned control of the city’s finances to its administration.
The commission first convened in May 2012 in an attempt to avoid municipal bankruptcy for a city facing a $6.3 million cumulative deficit, a lack of uniformity in medical insurance plans, a lack of funding for infrastructure projects and an unfunded pension liability of more than $30 million. The board served as the final authority for major projects and local union contracts, among other functions.
In a statement, Gallogly cited several of the commission’s accomplishments, including a reduction in the city’s pension liability by 13 percent and full funding of the annual required pension contribution.
Gallogly appointed Paul Luba to serve as the fiscal adviser until 2020.
