Posts Tagged ‘fiscal insolvency’

Central Falls Rhode Island – Bankrupt – Goes Into Receivership

Very sad state of affairs.  How many more cities will declare bankruptcy before this is over? – Ilene 

Central Falls Rhode Island – Bankrupt – Goes Into Receivership

Houses still surrounded by flood waters in West Warwick, Rhode Island

Courtesy of Mish

It’s the end of the line for Central Falls, Rhode Island. Central Falls had been perpetually spending more than they take in. That’s about to change.

Please consider $3 million in debt, Central Falls in receivership.

Declaring fiscal insolvency, city officials Wednesday persuaded a Superior Court judge to appoint a receiver to take over municipal finances, a process that could end up with new contracts imposed on the city’s unions and vendors.

Receivership is the state-law version of federal bankruptcy. The court-appointed receiver has the power to approve or reject purchases and payments and, if the court approves, change contracts with unions and vendors and hire and fire municipal employees.

City Solicitor John T. Gannon said the city is in the middle of all its municipal employee union contracts. Mayor Charles D. Moreau has been trying to negotiate concessions, he said, but without success.

Central Falls’ slogan is “A City with a Bright Future,” but the present has been pretty grim. Its high school, where 96 percent of its 800 students live in poverty, was targeted for a state-ordered reorganization because of consistently low scores and graduation rates. The entire teaching staff was threatened with dismissal until the administration and the teachers union reached an agreement last weekend.

In its petition to the court for appointment of the receiver, the city administration said it has an anticipated deficit this fiscal year of $3 million on a city budget of about $18 million and an anticipated deficit $5 million in the budget year beginning July 1. The officials said the shortfall could not be covered by austerity measures.

Beside the budget shortfall, the city’s pension fund for its police and fire retirees has $4 million, way short of its accrued liabilities of $35 million. Gannon said the city pays out $2.2 million a year in pension benefits from the fund.

In addition to unilateral cuts in pay and benefits enacted by the East Providence School Committee in January 2009, the city has also cut benefits for police officers and school custodians, laid off municipal custodians and threatened major changes in the firefighters’ contract. The Fire Department pact is in the midst of


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