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Thursday, July 13, 2017

Providence City Council Finance Committee Approves 5 Year Capital Improvement Plan

The Providence City Council’s Finance Committee tonight recommended passage of the City’s Capital Improvement Plan, a 5 year infrastructure investment schedule designed to address the needs of city streets, sidewalks, public buildings, parks and recreation centers.

Years one and two of the plan include $48,507,200 worth of infrastructure projects to be funded by various mechanisms including a 45 million dollar infrastructure bond, the city’s general fund, the master lease and the lighting master lease.

“The plan is the result of the Council and the Administration working together for the public good” said Finance Committee Chairman John Igliozzi. “The proposed plan equitably considers and addresses neighborhood needs and concerns city wide, and I’m happy to see much needed infrastructure improvements planned to improve the quality of life for Providence residents.”

“The Council and the Administration are jointly concerned about the need for infrastructure investments in the Capital City” said Acting Council Sabina Matos. “This plan is the result of leadership and diligent efforts to address infrastructure needs both immediately, and over the next 5 years.”

“Now is the prudent time to borrow” said Majority Whip Joann Ryan (Ward 5). “We have an improved bond rating, we have a positive rainy day fund balance for the first time in years and we have a plan to strategically invest limited resources in every neighborhood. I support this Capital Improvement Bond.”

"By approving a 5-year Capital Improvement Plan, we can be proactive about repairs and maintenance, instead of waiting until things break to fix them," said Mayor Jorge Elorza. "This comprehensive plan is the product of collaboration between the administration and the Providence City Council as we plan for the long term. With this in place, we are ready to invest in our future.

The plan now goes to the full council for a vote.