by Council Staff | Feb 17, 2022 | Add Council Logo, Press Release
February 17, 2022
PRESS RELEASE
City Council Addresses Troubled Pension System and Other Legislation
• Council passed a pension obligation bond resolution to help mitigate the city’s struggling pension system
• Councilors gave approval to renaming the Windmill School to “The Narducci Learning Center”
• Councilors passed a resolution donating a 1968 firetruck to the Rhode Island Antique Fire Apparatus Society
• Three individuals recognized for their contributions to the city and inductions into The Reverend Dr. Martin Luther King Jr. Hall of Fame
PROVIDENCE, RI – At tonight’s Providence City Council meeting, councilors passed a resolution moving the city one step closer to addressing its critically unfunded pension system. The resolution requests that the General Assembly enact legislation authorizing the city to issue general obligation bonds to finance a contribution toward the $1.2 billion unfunded pension liability of the Employee Retirement System (ERS). “This council understands the unfunded pension liability is one of the most significant issues facing our city and its ability to provide crucial services for taxpayers. We can all agree that doing nothing is not an option,” said Council President John Igliozzi. “Unfortunately, the problem hasn’t been fixed by previous administrations and now it’s our job to address this serious financial situation for the public, the city, and the integrity of our retirement system for future generations. Is this proposed bond the easy answer? No, but it will help mitigate a broken system with an infusion of $500 million. The City Council has added financial guardrails that are essential to making sure pension payments are predictable and affordable. The council respectfully asks our state leaders and state legislatures to keep an open mind in the days and weeks ahead, as they learn more about this proposal,” added Igliozzi.
The city council’s support for a bond is contingent on several financial guardrails, including:
1. Total pension obligation bond payments and the city’s actuarial determined contribution (ADC) shall not be less than $93.1 million for the first 10 years
2. City shall not close any pension bonds without receiving city council approval and bonds shall not exceed an interest rate of more than 5%
3. Expected annual rate of return shall not exceed 7%
4. Salary scale shall not exceed 3% per the current actuarial experience study
5. City shall make 100% of its annual ADC payments
Legislation (S-2321, H-7499) was introduced this week before the General Assembly authorizing Providence to issue a 25 year, fixed-rate pension obligation bond not to exceed $515 million.
Former Windmill School to Become Narducci Learning Center
The Narducci family legacy will live on in the form of a multi-million-dollar renovation project in Ward 4. Tonight, the City Council approved a resolution renaming the former Windmill Elementary School in honor of Councilman Nicholas J. Narducci Jr. and the Narducci family. The building sat abandoned for more than a decade before work began on a $30.5 million project. “I am humbled and honored to see my family’s name on a place that means so much to us,” said Councilman Narducci. “This beautiful building, at the heart of my neighborhood will finally return to its former glory.” The new Narducci Learning Center will eventually become a much-needed ‘swing space’ for students from other renovation projects.
Firetruck Donation
The City Council passed a resolution requesting the transfer of a 1968 Kaiser Mini-Pumper #2 firetruck to the Rhode Island Antique Fire Apparatus Society. According to the resolution, the truck was used as part of the task force assignments on the 3rd and 4th of July when the city battled multiple fires in the 1970s, but is now obsolete and no longer a viable tool for the City of Providence.
MLK Jr. Hall of Fame
At tonight’s City Council meeting, Councilors honored three individuals who were inducted into the City’s Reverend Doctor Martin Luther King Jr. Hall of Fame. These individuals bring decades of community service and have been selected for this honor because of their close alignment with the values and principles of Dr. King. Angela Bannerman Ankoma is the Vice President and Executive Director of Equity Leadership at the Rhode Island Foundation. Previously serving as the Executive Vice President, Director of Community Investment at United Way of Rhode Island (UWRI) and the Rhode Island Department of Health, where she was a founding Co-Director of the Health Equity Institute. Ankoma is a board member of the West Elmwood Housing Development Corporation (WEHDC) and a founding member of the WEHDC’s Sankofa Initiative which works to address modern health, financial, and community challenges in the West End of Providence. Additionally, Reverend Howard M. Jenkins, Jr. was honored. Reverend Jenkins has served as the Pastor of Bethel A.M.E. Church in Providence for over ten years. Originally from Portsmouth, Virginia, Reverend Jenkins is retired from General Dynamics Electric Boat after a 31-year career. Reverend Jenkins is the president of the Rhode Island Ministers Alliance and a member of several community organizations. The final inductee honored was Idrees “Lanre” Ajakaiye, a Providence native and the President and CEO of the 25 Bough Street development, an innovative mixed-use commercial space in the heart of Olneyville. Ajakaiye has helped to develop and host events such as the New England Family Fun Festival and the R.I.S.E. Women’s Leadership Conference in partnership with his wife, Hilina Ajakaiye. Ajakaiye also serves as a mentor through Year Up, College Leadership RI, local schools, and has long been involved in youth basketball in Providence. The City Council extends its sincerest congratulations to this year’s inductees and thanks them for their wide-ranging contributions to the City of Providence.
###
by Council Staff | Feb 10, 2022 | Add Council Logo, Press Release
February 10, 2022
PRESS RELEASE
Finance Committee Passes Pension Obligation Bond Resolution
PROVIDENCE – At tonight’s Providence City Council Finance Committee meeting, a resolution was passed bringing the city one step closer to reducing its massive unfunded pension liability. The resolution requests that the General Assembly enact legislation authorizing the city to issue general obligations bonds to finance a contribution toward the $1.2 billion unfunded pension liability of the Employee Retirement System (ERS). According to the Providence Pension Working Group, the city’s pension system is among the lowest-funded pension plans in the country. The Council supports a pension obligation bond of not more than $515 million, contingent on several financial guardrails, including:
• Total pension obligation bond payments and the city’s actuarial determined contribution (ADC) shall not be less than $93.1 million for the first 10 years
• City shall not close any pension bonds without receiving the City Council approval and bonds shall not exceed an interest rate of more than 5%
• Expected annual rate of return shall not exceed 7%
• Salary scale shall not exceed 3% per the current actuarial experience study
• City shall make 100% of its annual ADC payments
“The Providence City Council understands that inaction is not an option here, but we needed to make sure certain financial guardrails were set in place for such a large transaction. Tonight, we are one step closer to helping firm up the city’s unfunded pension system and we’re taking a monumental step to put the city’s finances in a better position. I am fully committed to pursuing all available pension reforms to address the city’s unfunded liability. I want to thank my council colleagues and the city’s pension working group for their efforts,” said Councilwoman Jo-Ann Ryan (Ward 5), Chairwoman of the Finance Committee. The resolution will now move to the full council for a vote on February 17. Copies of the resolution will be sent to the Senate President, the Speaker of the House, and members of the Providence delegation.
by Council Staff | Feb 4, 2022 | Add Council Logo
February 4, 2022
Media Advisory
Contact:
Parker Gavigan, Director of Communications
401.486.5646
pgavigan@providenceri.gov
City Council Announces Public Meetings For Re-Districting
PROVIDENCE, RI – City Council President John Igliozzi announced the schedule for five (5) public hearings across the city, where residents can learn more and become active in the Ward Boundaries process. Why does the city need new Ward Boundaries in 2022? Every 10 years, Providence’s 15 Wards are redistricted using criteria outlined in the Home Rule Charter and based on the latest U.S. Census data. 2020 Census data shows the city’s population grew by 12,892 people to 190,934. And it’s where Providence’s population changed that will determine the redrawing of Ward boundaries. The effort to redraw the Ward maps is led by a 5-member committee of Providence residents appointed by the City Council. The committee must hold at least four (4) public meetings to explain the process and get feedback before submitting the maps to the City Council. Once the Committee settles on boundaries, the boundaries are forwarded to the full City Council, which must hold a public meeting and vote twice on the boundaries before becoming final.
“This is an open and accessible process that city residents should take part in. I encourage everyone to come out, participate, and support the important work of the Ward Boundaries Committee,” said Igliozzi. “Over the next several weeks, Providence residents have a once-in-a-decade opportunity to roll up their sleeves, get involved, and help shape their neighborhoods,” added Chairwoman Jessica Cigna.
To learn more about the process and committee members click here.
Monday, February 7, 2022
6:00 p.m.
Providence Career & Technical Academy (PCTA) Auditorium.
41 Fricker Street, Providence, RI 02903
Remote access to the meeting is available here
Monday, February 14, 2022
6:00 p.m.
Silver Lake Community Center.
529 Plainfield Street, Providence, RI 02909
Tuesday, February 22, 2022
6:00 p.m.
Nathan Bishop Middle School Auditorium.
101 Sessions Street, Providence, RI 02906
Monday, February 28, 2022
6:00 p.m.
DaVinci Center Community Room
470 Charles Street Providence, RI 02904
Wednesday, March 2, 2022
6:00 p.m.
Remote Conference Meeting Via Zoom (Only)
Zoom Information will be on the printed agenda along with sign up information
Meetings are also streamed live on the Providence City Council YouTube Channel https://bit.ly/pvdmeetings
All hearing locations are accessible to persons with disabilities. Individuals requesting interpreter services for the hearing impaired, please contact the Mayor’s Center for City Services at (401) 680-5221 not less than 48 hours in advance of the hearing date. Please follow all COVID-19 protocols.
by Council Staff | Feb 3, 2022 | Add Council Logo, Ward-1
February 2, 2022
PRESS RELEASE
Contact:
Parker Gavigan, Director of Communications
401.486.5646
pgavigan@providenceri.gov
Statement from Councilman John Goncalves (Ward 1)
On The I-195 Redevelopment District Commission’s Selection of Urbanica For Parcel 2
“I would like to congratulate Urbanica as the preferred developer of Parcel 2 as selected by the I-195 Redevelopment Commission. I want to thank Chairman Robert Davis, the members of the Commission, and Executive Director Caroline Skuncik for the conditions laid out in tonight’s meeting which responded directly to the many recommendations that we made to the Commission. We look forward to working collaboratively with the I-195 Redevelopment District Commission and the selected developer, Urbanica, to ensure design excellence and sensitivity to our wonderful neighborhood(s). We wish the developers the best of luck and look forward to the housing and economic opportunities that this will provide to Ward 1 and the City of Providence,” said Councilman Goncalves.
by Abigail Appel | Jan 14, 2022 | Add Council Logo, Council News, Ward-7
At tonight’s emergency meeting of the Providence City Council, councilors reviewed a proposed ordinance laying out new procedures and accountability in the event of mass terminations in the city. The proposed law was read into the record, discussed, and referred to the Finance Committee for further consideration.
“The City Council encourages all Providence employees to get vaccinated. I’m pleased and relieved no police officers were fired today. Our city neighborhoods are safer and more secure as a result. From the beginning, this action was about maintaining public safety and the risk to our city from potentially firing more than 70 police officers. The Council will monitor the situation closely and make sure the mayor and his administration have a concrete plan should they consider a mass firing of officers in the days and weeks ahead.
by Abigail Appel | Jan 14, 2022 | Add Council Logo, Ward-7
“At the close of city business today, we learned that there was no mass firing of Providence Police officers. We’re pleased the city administration has taken a reasonable approach to what could have been a disastrous situation if more than 70 officers were taken off the job and removed from policing our streets. At 5:30 tonight, the City Council will hold an emergency meeting to take up a proposed ordinance that will lay out new procedures and accountability for any mass terminations in the capital city,” said President Igliozzi.
Tonight’s 5:30 p.m. meeting will be held virtually, with remote access for the public and media.
