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Finance staff and committee debate CIP timing, tracking and spending capacity
Summary
Committee members and finance staff discussed the FY26—2030 Capital Improvement Plan, focusing on delayed approvals, the need to consolidate project accounting across bond series, challenges deploying prior bond proceeds, and steps staff are taking to improve project tracking and payments through the ERP and monthly PBA reporting.
Providence finance staff and POCS members spent a substantial portion of the meeting on the city's draft capital improvement plan (CIP) for fiscal years 2026—2030. Deputy finance director Crystal Lundberg and Finance Director Sarah Stewart explained why the FY24 CIP had not been formally rolled forward and described a new, project-level coding system intended to track projects by funding source and project manager.
Staff said the city has been operating without an approved CIP for a year and that bond proceeds from prior issuances…
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