As reported by The Providence Journal, Providence officials warn city may not be able to pay its bills on time:
Providence may not have enough cash in its bank accounts to pay its employees and vendors after late August or early September.
Internal Auditor Matthew M. Clarkin Jr. sent a memo to the City Council Thursday that explains the potential problem, which is similar to a homeowner having too many bills due before payday.
By analyzing when the city usually receives money, Clarkin said, he forecasts that Providence will fall into a “negative cash position” until it gets first-quarter property taxes. And once that money comes in, he said, the city will again face “immediate strain” because a $60-million pension payment is due in October.Please remember, this is not the fault of former Mayor, and now Congressman, David Cicilline. Nothing is Cicilline's fault. He is a victim of circumstance. He did his best. He didn't hide anything.
“This is a cash problem, not a budget problem,” Clarkin said Friday. But, he said, “I felt it important enough now that it be on everybody’s radar screen as opposed to, ‘Hey, by the way, we run out of money next week.’ ”
When Cicilline's campaign released a press statement during the campaign assuring voters of the "strong fiscal health that Providence has maintained under Mayor Cicilline’s leadership," Cicilline was not attempting to deceive voters.
Anyone who seeks to assign any measure of responsibility to David Cicilline for the fiscal troubles which developed while he was Mayor is a hater.
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