EAST PROVIDENCE — The East Providence City Council has planned a special meeting Tuesday evening, Oct. 14, to continue and possibly give its formal approval to the Fiscal Year 2014-15 budget.
The meeting takes place in the City Hall Chamber at 5:45 p.m.
At its first public hearing on the matter a week ago, the Council signaled its initial approval for the document with a few key revisions. Instead of the half-percent residential property tax increase proposed by Acting City Manager Paul Lemont, the Council opted to make cuts allowing for no uptick at all.
Needing to trim some $250,000 in spending, the Council, in turn, decided to reduce from $10,000 to $5,000 another of Mr. Lemont’s proposals for relief to businesses on their tangible property holdings.
In addition, the Council opted to slice $50,000 from a reserve fund intended to be put aside for future revaluation of property and to also cut the amount the city would borrow in Tax Anticipatory Notes (TANs) by $250,000.
The reductions dropped the proposed FY14-15 budget from $172,040,750 to $171,790,750.
It appears, however, the Council may not be done in attempting to alter Mr. Lemont’s original submission.
“We are having a Council meeting this Tuesday to spend more time on the budget and to evaluate the feasibility of making some additional cuts,” said Council President and Mayor Jim Briden. “Although we were presented with a very good budget and we cut approximately $250,000 at our first meeting, we may be able to do a bit more.”