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EAST PROVIDENCE — Last week, the administration of Mayor Bob DaSilva submitted a draft budget for the Fiscal Year 2023-24 starting on November 1, which includes $7.5 million in spending …
EAST PROVIDENCE — Last week, the administration of Mayor Bob DaSilva submitted a draft budget for the Fiscal Year 2023-24 starting on November 1, which includes $7.5 million in spending …
As indicated below, the Mayor of Providence agrees with this dire analysis. According to the Comprehensive Annual Financial Report (CAFR) of the City for the fiscal year ended June 30, 2019, the Employee Retirement System of the City (ERS) had a funded ratio of only 25.83%. That is, ERS had approximately $367 million in assets to cover its total $1.4 billion pension liability.GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST ERS, which secures the retirement of 3,658 retired participants and their beneficiaries, as well as 2,889 active participants, is severely ...
As indicated below, the Mayor of Providence agrees with this dire analysis. According to the Comprehensive Annual Financial Report (CAFR) of the City for the fiscal year ended June 30, 2019, the Employee Retirement System of the City (ERS) had a funded ratio of only 25.83%. That is, ERS had approximately $367 million in assets to cover its total $1.4 billion pension liability.GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST ERS, which secures the retirement of 3,658 retired participants and their beneficiaries, as well as 2,889 active participants, is severely ...