From Robert Whitcomb’s “Digital Diary,’’ in GoLocal24.com.
‘Congratulations to Providence Mayor Jorge Elorza’s administration for ending fiscal 2018 with a $9.2 million surplus, for the third surplus in as many years. This leaves a modest rainy day fund of $11.3 million.
Mayor Elorza’s chief of staff, Nicole Pollock, said “This surplus was achieved primarily through realistic budgeting practices, a steady increase in tax collections, a hiring freeze on nonessential employees, better departmental revenue and reduced operational expenses.’’
But the last few years have been relatively prosperous. What happens in the next recession? And what about the city’s unfunded pension liability of $1 billion?
So the city should continue to investigate whether it can sell the Scituate Reservoir for several hundred million dollars.