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Back to Providence Finance Committee

Providence Committee on Finance-Thursday, March 13, 2025-5:30 PM

Call to Order, Roll Call, and Agenda Organization

24:16 - 26:03

Chairwoman Anthony called the Committee on Finance meeting to order and confirmed a quorum with five members present. The committee approved a motion to take agenda items out of numerical order.

Resolution on Property Tax Exemption for Project Webber Renew (Item 5)

26:03 - 34:35

The committee heard testimony from Project Webber Renew regarding proposed state legislation granting the nonprofit a property tax exemption for its new facility. After questions from committee members concerning services provided and facility history, the resolution was approved.

Five-Year Budget Projection for Fiscal Years 2026-2030 (Item 2)

34:35 - 55:07

Chief Financial Officer Lawrence Mancini presented the city's five-year revenue and expenditure forecast across fiscal years 2026 through 2030. Finance officials and council members discussed tax collections, interest earnings, school funding obligations, and revenue risks related to hospital bankruptcy.

Resolution on One-Year Tax Levy Cap Exemption for FY 2026 (Item 1)

55:07 - 02:22:00

The committee considered an amended resolution asking the General Assembly for authority to exceed the 4% property tax levy cap up to a maximum of 8% for FY 2026. Following an in-depth presentation by finance staff regarding fixed costs, the school settlement, and alternative revenue options, the committee voted to approve the amended resolution.

Adjournment

02:22:00 - 02:22:13

Councilor Graves made a motion to adjourn the meeting, which was seconded by Councilor Taylor. The committee voted in favor, and the meeting concluded.