Mayor Diossa proposes Central Falls is a comeback city due to tax relief, fiscal responsibility and strategic investments Central Falls, RI - On Wednesday, May 14, 2014 at 6:00 p.m., Central Falls Mayor James A. Diossa delivered his Fiscal Year 2015 Budget Address to Central Falls City Council members and residents of Central Falls. "Together we have led this city with prudence and responsibility without forgetting why we are here in the first place: to serve the people of Central Falls. Budgets are about priorities. We have followed the State-imposed six year recovery plan faithfully and stabilized the city's finances while working diligently to improve its operations and deliver better services and greater quality of life to our residents and taxpayers. I am proud of what we have accomplished together in such a short period of time. In fact, my proposed budget is less than the Fiscal Year 2015 budget proposed under the state-imposed plan. We are doing more with less." Throughout his address, Diossa highlighted tax relief for Central Falls residents: "Specifically, this budget increases the Homestead Exemption for owner occupied homes by 5%. It also raises the Motor Vehicles Tax Exemption to $1,250. Furthermore, we are freezing the Commercial Tangible Tax Rate. Taxes are still too high in Central Falls, but, after only one year of being out of bankruptcy, we are doing everything possible to provide some relief to our taxpayers in a responsible, sustainable manner. And we are doing everything possible to expand the city's tax base by attracting investment and making it easier to do business in Central Falls." Key investments were another recurring theme: "We are making key investments in the privately-managed pension funds of our police and fire retirees. My budget proposes a 49% increase in the annual contribution to these funds which are grossly underfunded as a result of poor decisions made in the past." "And in thinking of our savings, I propose we invest point five percent of Fiscal Year 2015's budget into a reserve fund. We need to save money and think conservatively to ensure Central Falls will never declare bankruptcy again." In closing, Diossa noted: "A clean, safe and dynamic Central Falls is exactly the kind of city that we want to ensure for future generations. A city that embraces small businesses, encourages innovation and invests in our youth and infrastructure. A city that manages its resources with great care and fiduciary responsibility while not losing sight of the task at hand: improving its residents' quality of life. Let's shout it from the rooftops: Central Falls is the comeback city."