CITY OF PROVIDENCE FY23 BUDGET
BudgetAI Summary
The FY23 City of Providence budget totals $567,341,359, representing a 5.15% increase, and is structured as a balanced budget emphasizing investments in youth, city services, and infrastructure. Key allocations include $100,323,373 for pension fund payments, $498.8 million for major infrastructure improvements over FY23-27, $1,526,715 for police and fire training academies to recruit up to 50 new officers and firefighters, and $721,176 for a behavioral health crisis response program. The budget also reflects tax rate adjustments across residential, commercial, tangible, and motor vehicle categories, with residential tax rates decreasing by $6.06 per $1,000 valuation, and the city achieved its first rainy day fund reserve goal of 5% since 2008 with a current balance of $28,818,000.
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The City of Providence enacted a municipal levy ordinance for fiscal year 2024-2025 establishing property tax assessments between $381,026,712 and $396,221,403, representing 100% of projected tax collections to cover ordinary municipal expenses, debt service, and other city purposes. Taxes are due between July 1-24, 2024, with a 12% annual penalty on unpaid amounts, and can be paid in four equal quarterly installments beginning July 24, 2024, with subsequent installments due in October 2024, January 2025, and April 2025. The ordinance amends city ordinance sections governing tax rates and exemptions for the 2024-2025 fiscal year, with property assessments based on valuations as of December 31, 2023.
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