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Providence finance committee backs request for one-year levy-cap exemption amid school settlement and budget shortfall
Summary
The Providence City Finance Committee voted to ask the state General Assembly for authority to exceed the city’s 4% tax levy growth cap for one year — up to an 8% ceiling — to cover generation costs, including an ongoing school settlement and rising pension and medical costs.
The Providence City Finance Committee voted March 13 to approve a resolution asking the Rhode Island General Assembly to permit the city to exceed the statutory 4% property tax levy cap for one year, up to a specified 8% ceiling, to give the city additional flexibility in assembling a balanced fiscal 2026 budget.
Councilwoman Ryan, who sponsored the amendment, told the committee the request was a response to “the monumental impacts associated with the unexpected port awarded settlement with Bridal” and to other fixed cost increases. She described the amendment as a temporary, one-year tool to help the city address this year’s budget challenge.
“This amendment before you tonight, still asks the General Assembly to allow us to go over a maximum 4% on a levy this year,” Ryan said. “However, it specifies a maximum, amount of 8%.”
City staff provided detailed projections and gaps: Chief Financial Officer…
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