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Finance staff outlines constrained $635M operating budget, $731M CIP and school funding pressures
Summary
Finance staff presented a proposed operating budget of just over $635 million with 1.75% growth, a proposed $731 million CIP, school-reimbursement shortfalls phased over three years, and targeted investments funded by sale of capital assets; presenters emphasized constrained discretionary funds and upcoming ordinance steps.
Finance staff presented the special commission with an overview of the proposed operating budget and capital-improvement plan.
Staff said the proposed operating budget totals just over $635 million, representing roughly a 1.75% increase over last year. Presenters said the budget process began in November, produced an initial planning deficit of about $35 million, and relied on analyses to avoid tax increases while prioritizing services and targeted investments.
On revenues, staff reported an expected $7.3 million revenue increase tied to an adjusted assumed collection rate; they said the change partly reflects removing Roger Williams Medical Center from the levy denominator after the hospitals prior financial problems. Staff noted the city will pursue legal…
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