Woonsocket is facing a $10 million fiscal hole with limited options for filling it. The crisis is so bad that on Monday Mayor Leo Fontaine raised the spectre of bankruptcy.
"I cannot overstate the dire circumstances we face here," Fontaine told the City Council Monday. "Obviously this number is devastating ... Bankruptcy certainly is on the table at this point."
Gov. Lincoln Chafee attended Monday's council meeting, branding Woonsocket as one of the "Big Four" municipalities — joining Providence, Pawtucket and West Warwick — facing the possibility of bankruptcy and state takeover. Central Falls already went that route last year.
The news of the city's fiscal crisis has sparked a round of speculation among residents: Will taxes skyrocket to fill the hole? Will city services and educational offering be slasjed to — or beyond — bare bones. Will the state assume control of city finances?
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