Business Excellence Awards
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PROVIDENCE – Rhode Island last week officially returned control of financially troubled Central Falls to local elected officials, the Associated Press reported last week. City officials are now charged with guiding the municipality through a recovery plan crafted under state oversight and approved by a federal bankruptcy judge.
According to the AP, state Revenue Director Rosemary Booth Gallogly formally dissolved the receivership in a letter delivered to Central Falls Mayor James Diossa.
A state-appointed receiver took over in 2010 to address shaky finances in Central Falls.
The bankruptcy ended last fall when a judge signed off on the receiver’s fiscal-recovery plan. A newly hired finance officer will oversee the city’s budget and make sure it follows the plan. •