RI: Tiny city, big financial problems

posted by
October 4, 2011
Fox News    
Posted in News, PND News

"The smallest city in the smallest state in the nation is in a big financial hole. Rhode Island's Central Falls has filed for Chapter 9 bankruptcy. With an annual budget of under $17 million, the densely populated community of roughly 19,000 people is facing $80 million in unfunded liabilities for pensions and retiree benefits. The city is in debt with projected annual deficits of $6 million looming." (10/04/11)


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