8/10/11

Is West Warwick Next?



Fast on the heels of the Central Falls financial collapse and bankruptcy filing is emerging notice of similar troubles brewing in West Warwick, which has been struggling with its debt problems for years now. A second municipal failure would be an ominous turn for RI under the severe circumstances we’re experiencing, and which are going to continue for the foreseeable future. While West Warwick is a larger entity than miniscule CF with a much larger and varied tax base, the two municipalities have much in common: outsize pension and healthcare obligations (unfunded liability), high unemployment rates, a depressed main street, and junk status bonds. Cash flow compared to obligations is precarious. Already West Warwick is talking about the need to share services or even merge with a neighboring community.

Is West Warwick the next domino to fall?

4 comments:

  1. From what I've heard, probably.

    Ironically, I spent my early childhood in West Warwick and at the age of nine, we moved "up" to a new house in Coventry.

    Coventry during that time was one of the fastest growing towns in the state and had growth, public education and of course tax issues that eventually grew to the point that a grassroots movement began during one virulent strike by teachers. I was a member of this group and after about five years of intense scrutiny, truly conservative measures were implemented to control the out-of-control town budgets.

    I left RI shortly after this but know that the town has taken additional measures to control growth to the extent that it is now a slow growing municipality.

    I am not aware of the town's pensions obligations but I'm sure that the new would be all that good.

    I don't think that a lot can be speculated on until the special legislative session in the fall and the consideration of proposals that will be submitted.

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  2. It is the same over and over again why dose the employees of the local towns think that should be able to retire when they have 20 years in and at 45 or what ever start to colect the pension, I here this over and over well I think that you want to go after you have 20 years in go good by but guess what you will have to wait till 62 or 65 to colect the money... I wonder how many will go with that in the back of the contracts...I go to max security and I see a gross waste of money with that place too, all the gaurds sit with there fat bellies hanging over there belts burping and fotting... O well you should be in shape, no mater what you do... I am 58 and I work every day, I stand and don't stop till the end of the day, O guess what I have had cancer also and had TWO surgeries for it and I stll will not give up

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  3. I think that the problem with the CF and all the other failing schools, O the Law Is that WE THE TAX PAYER WILL PAY NO MATTER WHAT IT TAKES TO EDUCATE YOU CHILD... O EVEN IF YOU DON'T WANT THE CHILD EDUCATED AND DON'T CARE.... AND THE BEST IS YOU DON'T OWN ANY PROPERTY AND DON'T PAY TAXES... BUT YOU WANT ME TO PAY PAY PAY FOR YOUR CHILD TO BE BABY SAT GO BACK TO WHERE YOUR FROM AND LIVE IN THE WOODS....

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  4. Jim I am 58, I would love to sit and talk to you and tell you the view I see, I have lived in many other states and have been exposed to GS worker and locel GS workers let me tell you OMG

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