Public Meetings - Providence, Rhode Island

On Monday, April 13, 2026, the Providence Urban Development Committee, chaired by Councilwoman Harris, convened to review the proposed HUD entitlement grant budget for fiscal year 2026-2027. The meeting focused on an overview of the allocation process, funding priorities, and next steps to secure federal approval by July 1st. Discussion Items - Introduction and Substitution A: The committee voted to accept a substitution motion (moved by Pass, seconded by Council) to amend the record before hearing the grant presentation. - HUD Grant Presentation: Housing Director Emily Friedman and Community Development Director Alyssa McDermott presented the proposed budget, which is the second investment under the 2025–2029 Consolidated Plan. The budget was informed by community engagement, market analysis, and fair housing review. - Funding Process and Outreach: The city received nearly 100 proposals totaling $17.5 million in requests (including $12.5 million in CDBG requests). Due to limited funding, the administration prioritized basic urgent needs (food, child care, homelessness prevention, refugee services) and eligible facility/housing projects that address critical operational barriers (fire safety, ADA improvements). Outreach included a digital notice to 1,400 email addresses, a website posting, a Providence Journal ad, and an application workshop with over 80 registrants. - Budget Structure: The budget reflects actual federal allocations rather than projections, with a small cut from the previous year. Fixed expenses include administrative and delivery costs (set by OMB) and a public service cap of just over $1 million. Economic development projects (technical assistance, revolving loan fund) have no cap. Public facilities (libraries, shelters, community centers) also have no cap. Ward allocations for brick-and-mortar projects are included, with approximately two-thirds of ward projects confirmed. - Specific Projects: An additional $200,000 was allocated to the NASPETucket River watershed (Moreno Park and three-way accessibility project) using rebalanced funds. The Providence Housing Authority applied for $200,000 for playgrounds and border replacement, but committee members questioned whether CDBG funds could cover maintenance items (e.g., HVAC replacements were deemed major structural systems and eligible). Food banks are funded under public services. The Calavini Center did not apply, and members encouraged future participation. - Next Steps: The committee is expected to further review the budget, hear from project advocates, and work with council offices to finalize ward allocations. The budget must pass committee and full council twice, undergo a 30-day public comment period, and be submitted to HUD by July 1 to avoid service disruptions. Key Outcomes - The committee accepted Substitution A and received the HUD grant overview. - A motion to continue the budget review process was moved by Vice Chair Picardo and seconded by Council; all members voted in favor. - The meeting was adjourned after the motion to adjourn was unanimously approved.

The Committee on Ordinances convened on Wednesday, April 8, 2026, at 5:41 PM. Councilor Harris was absent. The meeting focused on a single agenda item: a motion to continue a public hearing. Discussion Items - Councillor Vargas moved to continue the public hearing to Wednesday, April 29, 2026, at 5:30 PM. The motion was seconded by Councilor Royes and passed unanimously. - Following the continuation vote, a motion to adjourn was made, seconded, and passed unanimously. Key Outcomes - The public hearing was continued to the specific date of Wednesday, April 29, 2026, at 5:30 PM. - The meeting was adjourned.

The Providence City Council Finance Committee met on Tuesday, April 7, 2026, at 5:33 PM. The committee considered the appointment of a City Register, four disability waiver requests, and two tax exemption resolutions. All items were approved, with one resolution amended to specify the fiscal year and continuity of exemption. Appointment of City Register (Item 7 – Taken Out of Order) - The committee took item 7 first, a communication from the mayor appointing Tim Hamlin of 49 Trinity Park, Providence, as the City Register. - Mr. Hamlin is currently Deputy Director of MCCS; the Registrar role is an additional duty, part of a departmental reorganization. He has a management background including 19 years with the Providence Downtown Improvement District (Yellow Jackets), where he managed a $1.1 million budget. - Councilwoman Antebar asked about time allocation; Chief Hawkins confirmed the position was always intended as an additional role. - Motion to approve made by Councilman Taos, seconded, and passed unanimously. The appointment will go to the full council for a vote on April 16, 2026. Disability Waiver Requests (Items 1, 2, 3, 4 – Bundled) - Jonathan Baxter presented four requests for waiver of the 18‑month deadline to apply for accidental disability (Class 14). The waivers allow employees to submit applications; the merits are reviewed separately by the retirement board. - Item 3 – Victor Frier (Zookeeper, Parks Department): Injured on duty, surgery in June 2023, applying for total disability. Ronald Moyer (union representative) spoke in support. - Items 1, 2, and 4 – Providence Fire Department: No city representative was present; Jeff, director of Local 799, stated two members await second opinions and one awaits surgery. He supported all three. - A brief discussion occurred about extending the 18‑month deadline to 24 months; the committee agreed to discuss the idea at a future meeting. - Motion to approve all four items made by Vice Chair Taylor, seconded, and passed unanimously. Blackstone Valley Advocacy Center Tax Exemption (Item 6) - The committee considered a substituted resolution granting tax‑exempt status to property at 728 Broad Street and 522 Potter Public Street, owned by Blackstone Valley Advocacy Center, which provides services to victims of domestic and sexual violence. - Tony Marie Roderick presented the request. The building houses transitional housing for two families and a walk‑in center. The organization has advocates at the Providence safety complex and the Garrahy Judicial Complex, processes 75% of the state’s temporary restraining orders, and operates a 24/7 hotline. - The auditor estimated the exemption value at $18,969 for the building and $1,775 for the vacant lot (total $21,000). - Councilwoman Harris expressed strong support, noting the importance of services for women and children. - Motion to approve made by Vice Chair Taylor, seconded, passed unanimously. Community Music Works Tax Exemption (Item 5) - The committee considered a resolution endorsing state legislation (H7122) to provide property tax exemption for Community Music Works (CMW) at 1326 Westminster Street. - Sebastian Ruth, CMW founder, described the organization’s free music education program serving youth in the West End, South Side, and other neighborhoods. CMW serves about 150 students weekly and reaches close to 1,000 annually through concerts and school programs. The building was completed in 2024 and is assessed at $7 million; the organization’s annual operating budget is $2.3 million; the tax bill ($229,874) represents 10% of that budget. - A key issue was the effective date: the state bill originally specified January 1, 2026, but to align with the city’s fiscal year and assessment date (December 31, 2025), the committee amended the resolution to request exemption for fiscal year 2027 and exemption thereafter. - The amendment was proposed by Council President Miller and accepted. Language added: “providing a FY 2027 abatement and an exemption thereafter, and an exemption continuing thereafter.” - Councilwoman Antebar expressed concern about the cumulative effect of nonprofit exemptions (the city granted nearly $600,000 in one-off exemptions this year) and noted that Mayor’s executive order had created a task force to develop a sustainable strategy. - After discussion, the motion to approve as amended was made, seconded, and passed unanimously. Key Outcomes - All four items (1–4, 6, 7) were approved by the committee and will be forwarded to the full City Council. - The Committee will consider extending the disability waiver deadline to 24 months at a future meeting. - The City will convene a nonprofit property tax exemption task force to address the growing number of exemption requests. - Meeting adjourned.

The Board of Contract and Supply met on Monday, April 6, 2026, at 5:52 PM. Chairwoman Courtney Hawkins presided. Members present: Sarah Silveria, Elaine Richards, Joseph Devina, Patricia Quinfe, Shamari Hasben, John Romanian, Dante Bellini. Absent: Councilman John Solves, Councilwoman Ryan. Also in attendance: Director Bellini, Director Delgado, Director Richards, and others. Opening Bids (Section B) The board opened bids for several items: - Item 3: Department of Public Property, Event Equipment Rentals and Services – three-year contract with two one-year options, extended to April 20, 2026. - Item 4: Department of Public Property, Fire Alarms, Suppression System, Sprinkler, Fire Extinction, Second Testing Maintenance and Emergency Service – extended to April 20, 2026. - Item 4 (duplicate?): Department of Public Property Roof Replacement at Branch Adam (not at Main Street Power Station) – two bids. - Item 6: Water Supply Board purchase of a four-by-four pickup truck – prices quoted: $45,989.89 from Liberty Chevrolet and $46,871.00 from another unnamed vendor. - Item 9: Department of Public Property on-call mechanical, electrical, and plumbing services – drawn. - Item 10: Department of Public Works endorsement of suppliers for snow and ice control bids – bids opened. Motion to open the bids was made by Director Happy (likely misheard) and seconded by Director Richards, approved unanimously. Advertisements (Section C) The board moved to Section C for advertisements. Motion made by Director Delgado and seconded, approved unanimously. Approval of Items (Section A) The board moved to Section A for review. Director Delgado stated he had no items. A motion was made to approve items 1 through 40 in Section A on a roll call vote. The roll call resulted in 8 ayes (Hawkins, Silveria, Richards, Devina, Quinfe, Hasben, Romanian, Bellini), 1 nay (unidentified), and 3 absent (Solves, Ryan, Stevens). The motion carried, approving all 40 items. Approval of Minutes The board approved the minutes from the meeting of March 23, 2026. Motion by Director Devina, seconded by Director Delgado, all in favor. Adjournment The meeting adjourned following a motion by Director Richards, seconded by an unidentified director, all in favor. Note: The transcript contains garbled portions and unclear speaker attributions. No public comments were made.

The Providence City Council held its regular meeting on Thursday, April 2, 2026, with 15 members present and a quorum. The meeting included an invocation, approval of minutes, and action on a range of resolutions, ordinances, and referrals. The most significant item was the first passage of the Rent Stabilization Ordinance (Item 23) after extensive debate, which passed by a 9-6 roll call vote. Other notable actions included a resolution to name an intersection in memory of Essence Tyler Cristal, introduction of the Providence Bill Act to support affordable housing development, and several other resolutions and referrals. Consent Calendar - Items 4 through 10 were approved en bloc: Item 4 received; Item 5 referred to the Committee on Finance; Items 6 through 10 received. - Items 11 through 17 were read together (after a request to read Item 14 into the record). Item 11 (resolution regarding Essence Tyler Cristal Memorial Square) referred to the Committee on City Property; Item 12 (Providence Bill Act) referred to the Committee on Finance; Item 13 referred to the Special Committee on HOPE; Item 14 (Memorial Square) referred to the Committee on ERP; Items 15 and 16 referred to the Special Committee on HOPE; Item 17 referred to the Committee on Finance. - Items 18 and 19 (Taino Heritage resolution and recognition of Carla Manj) were read and passed by a unanimous electronic voice vote (15-0). - Items 20 and 21 (parking lot overnight parking and vacant lot homestead relief) passed by voice vote; Item 20 referred to the Committee on Public Works, Item 21 to Finance. - Item 22 (exploring housing at Providence Place Mall) passed by electronic voice vote (15-0). - Items 24 through 28 were approved as a group; Item 24 and 25 referred to the Committee on Ordinances. Discussion Items Essence Tyler Cristal Memorial Square (Item 14) Councilwoman Sue Andor introduced and read a resolution to install a commemorative plaque at the intersection of Houston Street and Broad Street honoring Essence Tyler Cristal, who was killed by gun violence in 2011. Councilman Pedro Espinal (Majority Leader) co-sponsored and noted the location is in his ward. Diana Garlington, Essence's mother and a tireless advocate against gun violence, was recognized by multiple council members for her work. Councilman Miguel Sanchez highlighted her role as co-chair of the city's committee on ending gun violence and called for a dedicated office to address the issue. Councilwoman Graves and Councilwoman Peterson also praised Garlington's advocacy, including her published children's book. The resolution was referred to the Committee on ERP. Providence Bill Act (Item 12) Councilwoman Mary Kay Harris introduced an ordinance to amend Chapter 21 of the city code, known as the Providence Bill Act. The ordinance would provide a two-year tax exemption for affordable housing developers after construction, addressing large tax bills that arise before units are rented. Council President Rachel Miller explained that it streamlines the tax stabilization agreement process for income-restricted housing. Councilman John Goncalves expressed support. The ordinance was referred to the Committee on Finance. Taino Heritage Resolution (Item 18) and Carla Manj Recognition (Item 19) Councilman Pro Tempore Pedro Espinal presented the Taino Heritage resolution, acknowledging the contributions of Taino-descended residents and indigenous communities in Providence. He credited Joel Rosario Tapia and Violeta Cruz del Valle for their research. Councilwoman Ryan spoke on Item 19, recognizing Carla Manj, a medical student and community leader for her work with the Latino Medical Student Association and the Pathways to Medicine Program, as well as her advocacy for language access in healthcare. Both resolutions passed unanimously. Items 20 and 21: Parking and Vacant Lot Relief Councilwoman Ana Vargas introduced Item 20, a resolution regarding overnight parking tickets at city lots, seeking to allow parking during snow emergencies. Councilman Oscar Vargas introduced Item 21, a resolution to seek state legislation allowing vacant lots used for gardening or parking to qualify for the homestead exemption, addressing large tax increases after property reassessment. Both passed and were referred to appropriate committees. Item 22: Housing at Providence Place Mall Councilwoman Ana Vargas proposed a resolution to explore including affordable housing and residential units above the first floor of the Providence Place Mall, as development plans move forward. Councilwoman Graves expressed caution about losing retail space but acknowledged the need for housing. The resolution passed and was referred to the Committee on Ordinances. Rent Stabilization Ordinance (Item 23) The council debated the first reading of the Providence Rent Stabilization Ordinance for over two hours. Pro Tempore Pedro Espinal, chair of the Special Committee on HOPE, described the ordinance as a carefully vetted policy that provides a 4% optional annual rent increase (up to 10% with a board hearing) to create predictability for tenants while allowing landlords a fair return. Councilman Justin Roias gave an impassioned speech, noting that the council had refused to even discuss rent stabilization a decade ago and that families are suffering now. He called for action over delay. Councilman James Taylor opposed, arguing that rent stabilization has historically failed (citing San Francisco and Michigan), leads to vacant houses, and was rushed without a fiscal impact study. He raised concerns about an Open Meetings Act (OMA) complaint against the HOPE committee. The city solicitor confirmed that the complaint does not bar a vote at this time. Councilwoman Jo-Ann Ryan echoed opposition, stating that supply and demand must drive prices and that the ordinance lacks a sufficient fiscal note. Councilwoman Mary Kay Harris, Councilwoman Graves, Councilwoman Helen Peterson, Councilwoman Davidson, and Councilman Sanchez spoke in favor, emphasizing the urgency of the housing crisis, the need to protect vulnerable renters, and the comprehensive public process. Councilman Oscar Vargas and Councilwoman Ryan voted no, citing property tax burdens and potential harm to small landlords. Councilwoman Peterson acknowledged the need for independent study but voted yes, noting that similar policies in other cities have not caused broad harms. The vote was taken by roll call: 9 ayes (Miller, Andor, Davidson, Graves, Harris, Peterson, Picardo, Roias, Sanchez) and 6 nays (Espinal, Goncalves, Taylor, Ryan, Ana Vargas, Oscar Vargas). The motion passed for the first time. Key Outcomes - Rent Stabilization Ordinance passed first reading (9-6). It will require a second reading and final passage at a future meeting. - Essence Tyler Cristal Memorial Square resolution referred to Committee on ERP. - Providence Bill Act referred to Committee on Finance. - Taino Heritage Resolution and Carla Manj Recognition passed unanimously. - Items 20-21 passed and referred to Public Works and Finance committees, respectively. - Item 22 (Providence Place Mall housing exploration) passed. - Items 24-28 approved en bloc. - The meeting adjourned with wishes for a happy Easter and Passover.

The Providence City Council Committee on Finance met on Tuesday, March 31, 2026, at 5:30 PM, chaired by Councilwoman Joanne Ryan. Present were Chairwoman Ryan, Councilwoman Graves, and Councillor Sanchez (three of five members, constituting a quorum). Vice Chairman Taylor and Counselor Angoth were absent. The committee discussed and voted on several items, including a judicial reappointment, contracts for traffic enforcement cameras, parking enforcement software, a climate justice plan consultant, and waste cart management software. Consent Calendar - No consent calendar items were identified. Public Comments & Testimony - No public comments were received. Appointment - Reappointment of Courtney Hobbins as Associate Judge of the Providence Housing Court: Hobbins, a criminal defense attorney and mother of two, highlighted her three years of service as associate judge and her background as a pro hac vice judge. She expressed enthusiasm for continued service. Committee members praised her qualifications. A motion to approve was made by Councilwoman Graves, seconded by Councillor Sanchez, and passed unanimously (3-0). The appointment will proceed to the full council for a final vote. Discussion Items - Vera Mobility Contract for Traffic Cameras: Chief Walkins and Crystal Mayer presented an informational update on a proposed $19,045,000 contract for speed and red light cameras, to replace the legacy vendor Conduit. The contract is a five-year term with five one-year renewals. It includes full hardware replacement, reduced per-ticket costs, and pilot programs for “block the box” and sound enforcement. Council members asked about camera size, location flexibility, and timeline (target July 2026 implementation). No vote was taken; the contract will return for approval after negotiations are finalized. - Passport/Classified Labs Contract for Parking Enforcement: The committee considered a $3,300,000, three-year contract (with five one-year renewals) for parking enforcement technology, permitting, and court integration. Anthony from Passport participated remotely. The system will provide real-time ticket payment, automated registered owner lookup, digital permits, and full integration with the court’s case management system (Curia). Council questioned data ownership (city retains data), AI capabilities, and transition timeline (July 1 launch). A motion to approve was made by Councillor Sanchez, seconded by Councilwoman Graves, and unanimously passed. - Civic Incorporated Contract for Climate Justice Plan: Deputy Director of Sustainability Kevin Croft presented a $35,000 contract for community engagement and equity consulting to update the climate justice plan. Civic was selected over two lower bidders (by $20–$75) due to their fixed pricing, local experience with environmental justice issues in Providence, and prior work on the Providence Master Plan and waterfront access project. The update is expected to be completed by late 2026 or early 2027. A motion to approve was made by Councillor Sanchez, seconded by Councilwoman Graves, and unanimously passed. - Pacific Company Contract for Waste Cart Software: Kevin Croft also presented a revised contract for software to manage the city’s new trash and recycling carts. The original award covered three user accounts; the revised contract expands to 14–15 accounts over five years with five one-year renewals. The per-account fee dropped from $2,300 to $1,560, resulting in approximately $11,000 in annual savings. Negotiations were commended for bringing the lower price and transparency. A motion to approve was made by Councillor Sanchez, seconded by Councilwoman Graves, and unanimously passed. Key Outcomes - The committee unanimously approved the reappointment of Courtney Hobbins as Housing Court Associate Judge. - Approved the Passport/Classified Labs parking enforcement contract ($3,300,000). - Approved the Civic Incorporated climate justice planning contract ($35,000). - Approved the Pacific Company waste cart software contract (five-year term with reduced per-user fees). - Took no action on the Vera Mobility traffic camera contract, pending further negotiations. - The meeting adjourned following a motion by Councillor Sanchez, seconded by Councilwoman Graves.

The Special Committee on Health, Opportunity, Prosperity, and Education of the Providence City Council met on Thursday, March 26, 2026, to consider a proposed rent stabilization ordinance. After a detailed presentation by a national policy expert, extensive discussion, and the introduction of two amendments, the committee voted unanimously to approve the Providence Rent Stabilization Act as amended, sending it to the full council for a final vote. Consent Calendar - Motion to approve the minutes of the previous meeting (Sub A) was moved by Councilwoman Shelley Peterson, seconded by Councilman Miguel Sanchez, and passed unanimously. - Motion to enter Exhibit 1 (a report) into the record was moved, seconded, and passed. - Motion to enter Exhibit 2 (the presentation) into the record was moved by Councilman Royas, seconded by Councilwoman Peterson, and passed. Discussion Items Presentation by Tram Hong, Senior Associate, PolicyLink - Tram Hong presented virtually from the Twin Cities, Minnesota, providing an overview of rent stabilization policies across the U.S. and addressing common misconceptions. - Key statistics highlighted: - If Providence renters were not cost-burdened in 2022, they would have gained over $358 million in disposable income. - Rent-stabilized tenants save significantly: $3,600/year in Los Angeles, $6,000/year in New York City, and up to $18,000/year in Manhattan. - In Cambridge, Massachusetts, stabilized rents were 44% lower than non-stabilized units before abolition. - Moving rates in Los Angeles decreased by 37% after adoption, with the greatest impact on Black and Latinx renters. - In New York City during the 1990s, rents in unregulated apartments in gentrifying neighborhoods increased 43% on average, compared to only 11% in stabilized units. - Hong argued that rent stabilization does not reduce new housing construction, citing studies from New Jersey, Los Angeles, and Washington, D.C., and noting that other factors (interest rates, tariffs, supply chain issues) have far greater influence. - She presented scenario modeling from Minneapolis showing that even without rent stabilization, average landlord returns would have been similar to those under a 75% CPI cap, and that strict caps would only affect a minority of units. - Hong praised the proposed Providence ordinance for avoiding common design flaws, including a 180-day backdate for base rent, clear utility billing rules, 90-day off-market requirement, partial vacancy decontrol, housing standards compliance, proportional property tax adjustments, tenant notice requirements, hearing timelines within 90 days, allowance of collective complaints, and enforcement via fines. - She noted that the proposed 4% cap (with a potential 10% cap after board approval) is well within the range of other cities, many of which cap rent increases at 2–5%. Council Member Questions and Comments - Councilwoman Shelley Peterson asked about the potential shift of tax burden to single-family homeowners. Hong responded that long-term studies show rent stabilization does not reduce property values, so the tax burden shift is unfounded. - Councilman Royas asked about St. Paul's experience, including claims of rising rents and a drop in construction permits. Hong clarified that St. Paul's slower development market predates rent stabilization, and that permit data shows the drop occurred before the policy was even on the ballot. She also noted that Minneapolis, without rent stabilization, has seen a steeper decline in permits than St. Paul. - Councilman Miguel Sanchez asked about political challenges and lobbying by real estate interests. Hong discussed the coordinated efforts to pass state preemption laws in the 1980s and the use of fear tactics, urging the committee to rely on empirical evidence from 200 jurisdictions. - Chairman Picardo asked about the CPI-based formula vs. the flat 4% cap. Hong explained that the flat cap is common in cities and avoids the high inflation problems experienced by CPI-based policies. She also noted that the appeal process for landlords to exceed the cap is generally effective and rarely used, citing Montgomery County where only 3 applications were received for 63,000 units in the first year. - Councilwoman Mary Kay Harris asked about the claim that rent stabilization disproportionately benefits higher-income renters. Hong debunked this, noting that lower-income renters save a larger proportion of their income, and that people of color disproportionately benefit due to historical housing discrimination. - Councilman Royas asked about the frequency and approval rate of landlord petitions before rent boards. Hong said data vary by jurisdiction but that low application rates indicate the policy is working; she cited Montgomery County's experience as typical. Council Member Statements - Councilwoman Althea Graves commented that fear tactics used against rent stabilization are similar to those used in Massachusetts before abolition, which did not lead to a construction boom. - Chairman Picardo emphasized the extensive public engagement process and the need to act, noting that the ordinance is part of a broader strategy including zoning reforms and housing trust funds. - Councilman Miguel Sanchez expressed strong support, highlighting that 400 students in Providence Public Schools are experiencing homelessness and that the ordinance will help protect the fabric of neighborhoods. - Councilman Royas shared a personal story of a constituent living in her truck due to a sudden rent increase, arguing that the city should have passed rent stabilization years ago. - Councilwoman Shelley Peterson, who came into the meeting undecided, presented two amendments based on her ward's concerns about student housing impacts: 1. New construction exemption will not apply to units within a college student residential overlay district. 2. The city will annually request five-year enrollment projections from colleges and universities, to be compiled and shared with the council. - She noted that in Ward 14, the median household income is $39,400, with 66% of residents renting, and nearly half are cost-burdened (spending over 30% of income on rent). Key Outcomes - The committee voted unanimously (with all present members in favor) to approve the Providence Rent Stabilization Act as amended by Councilwoman Peterson. The motion was made by Councilwoman Peterson and seconded by Councilmen Sanchez and Royas. - The ordinance will now move to the full City Council for a final vote. - The approved ordinance includes a 4% annual rent cap (with a possible 10% cap after a board hearing), exemptions for new construction (with the exception of units in college student residential overlay districts), and provisions for landlord appeals and collective tenant complaints.

The Board of Investment Commissioners of the City of Providence met on March 26, 2026, at 12:03 PM, with Chairman Mayor Smiley presiding. A quorum was present. Advisors from Siegel (Joe and Peter Sullivan) presented the quarterly investment performance report (as of December 31, 2025), a monthly performance flash for February 2026, and a trust fund update. The board also considered and voted on a small rebalancing recommendation within the hedge fund portfolio. Discussion Items - Investment Performance Analysis (Item 1) – Presenters reviewed the total plan return for the fourth quarter of 2025 (1.3%) and the one-year return (13.6%), both net of fees. The portfolio ranked near the median of over 1,000 public defined benefit plans on a one-year basis, but outperformed approximately 90% of peers on three- and five-year horizons. The board noted strong absolute returns exceeding the plan’s expected return range of 6.8%–7.5%. Active manager performance was highlighted: Boston Partners (mid-cap value) outperformed 80% of peers since inception, while Boston Partners (small-cap value) underperformed its benchmark by 4–5% in the trailing year but still ranked above median among 145 small-cap value managers. The fixed-income manager Lumis Sales outperformed 90% of active funds and captured 103% of market upside and only 86% of downside. For the month of February 2026, the total plan returned 1.3%, in line with the policy index. Year-to-date underperformance was attributed to a cash drag (historically 8–10% cash holdings, now reduced to under 1%) and weakness in the hedge fund portfolio, which underperformed its composite index by about 10% over the past year. However, the hedge fund Renaissance Institutional Equities posted a strong 5.1% return in February. - Trust Funds (Item 2) – The board received a summary of the City of Providence trust funds, showing combined assets of approximately $36 million across eight trusts (e.g., Charles Smith, City Council, Parks and Recreation, Dexter, etc.). For the month of February 2026, the composite trust fund returned 1.9%; for the two-month period, 4.6%; and for the trailing one year, 19%. Most trusts are indexed to benchmarks and performed well. No manager changes were recommended. - Rebalancing Recommendation (Item 3) – The advisors recommended moving $2.5 million from the Renaissance Institutional Equities fund (a long/short equity manager) into BlackRock’s Quello Strategic Partners fund (a more diversified hedge fund strategy) to reduce risk within the hedge fund portfolio. Renaissance was overweight by 0.4% (4.4% vs. 4.0% target). The rebalancing brings the allocation back to target and better balances the portfolio’s risk profile. Key Outcomes - Motion to accept the investment performance report (Item 1) – Approved unanimously by voice vote. - Motion to approve the trust fund report (Item 2) – Approved unanimously by voice vote. - Motion to approve the rebalancing recommendation (Item 3) – Approved unanimously by voice vote. The motion authorized the movement of $2.5 million from Renaissance to BlackRock Quello, with execution left to staff. - Motion to adjourn – Approved unanimously.

A meeting of the Providence City Council Finance Committee was held on March 24, 2026, to discuss the proposed 2026-2031 Capital Improvement Plan (CIP). The meeting was called to order with only two members present (Chairwoman Ryan and Vice Chairman Taylor), lacking a quorum; therefore, no votes could be taken on items requiring action (items 1-4, which were postponed to the following week). The primary focus was an in-depth discussion of Item 5, the CIP, with presentations from multiple city departments. Discussion Items - CIP Report Structure: Crystal Lindbergh, Deputy Director of Finance, explained the new standardized reporting format. Reports include activity codes (with funding source indicators), project descriptions, fiscal year 2025 actuals, year-to-date fiscal 2026 expenditures, encumbrances, approved five-year spending (fiscal 2026–2030), project totals, and remaining balances. She noted that remaining balances do not yet factor in encumbrances, and adjustments will be reflected in the proposed fiscal 2027–2031 CIP. - Art, Culture & Tourism (ACT): Director Joe Wilson Jr. reported that the city is aggressively spending down the 2020 landmark art allocation. The "Gateways" project will install two signature public art pieces at entry points (Newcompagent Park and North Barrier Park). The 2025 funding is earmarked for a potential installation at Cathedral Square. ACT has no city-paid staff; all project management is contracted. - Public Works (DPW) – Chief Engineer Craig Hockman & Deputy Chief Brian Anderson: - Bodoin Street Retaining Wall/Slope Stabilization: $50,000 allocated for concept and design development due to significant erosion. - Bridges: The Rhode Island Department of Transportation (RIDOT) will fund and accelerate construction of the Points Break Bridge and Memorial Boulevard North Bridge, freeing $10 million for other bridge projects, including Glen Bridge (active design, construction targeted for late summer/early fall 2026) and VZ Street Bridge (state/federal funding). A bridge asset management plan is nearing completion. - Spend-Down of 2020 Bonds: The finance team is prioritizing spending all 2020 bond proceeds by June 30, 2026 (except the DPW complex). Officials expressed confidence in meeting this goal for most projects. - Roads: Five paving contracts under the 2020 bonds are being closed out. Coordination with Providence Water's lead service replacement program continues to avoid paving over areas that will later be excavated. A difficult winter has created many new potholes and road needs. DPW is prioritizing spending older funds first. - Sewers: A $1.6 million contract has been awarded to upsize drainage at Blackstone Boulevard's southern end. A sewer project through Butler Hospital is shifting to horizontal drilling to reduce costs and environmental impact. A third round of sewer system evaluation and study is beginning, with $1 million budgeted for studies and $4-5 million for repairs over three years. - Sidewalks: DPW is working to spend down older (2017 and 2020) sidewalk funds by June 30. Two contractors are on board for 2025 sidewalk work totaling about $4 million. A small contractor program for one-off repairs is still being developed, facing challenges with payment cycles and bonding requirements. - Traffic Engineering: $216,000 has been allocated for overtime for citywide traffic calming initiatives, and $40,000 for traffic engineering. Funds are used for speed lumps, flashing crosswalk signs, school zone signs, and signal improvements. A corridor study for John J. Partridge Way and Dave Gavitt Way is planned. Accessible pedestrian signals will be installed as required by ADA. - Parks Department – Superintendent Wendy Nelson: Provided a rapid overview of numerous park projects. Key updates include: a skate park at A Hong Way (construction underway, bids expected fall); Cabral Park awarded on budget; India Point Park phase two going to bid in early April; various playgrounds, splash pads, and field improvements across the city; and the MASHPOG trail project with a $950,000 earmark. - Planning Department – Chris Martin: Reported on Cathedral Square (make-safe and redesign), City Walk (bus island upgrades on Broad Street), and various grant-funded projects (DEM recreation grants, Safe Streets and Roads for All grants for 14 intersections and South Water Street improvements). The Tucker River Greenway project is at substantial completion. - Public Property Department – John Arzumanian: Covered projects including City Hall elevator (completion expected July 2026), City Hall roof phase one (design finalizing, construction starting summer 2026), fire station repairs (roofing out to bid, HVAC in design), new DPW complex (construction underway, completion May/June 2027), and recreation center HVAC replacements (five centers to have full cooling by July 1). Supplementary lighting improvements will be moved to the Planning Department. - Committee Member Questions: Council members expressed concerns about the condition of roads and sidewalks after utility work, the coordination with Providence Water regarding lead service line repairs, the need for better inspection of utility patches, and the status of specific projects like Hamilton Street flooding and Broad Street bus island safety. Officials acknowledged challenges and outlined ongoing efforts. Key Outcomes - No votes were taken due to lack of a quorum; items one through four will be heard at the next regularly scheduled meeting on April 2, 2026. - A strong directive was issued to prioritize spending older bond funds (especially 2020) by June 30, 2026, to avoid arbitrage issues. - The Finance Committee expressed appreciation for the new level of detail in the CIP reporting and acknowledged the collaborative effort across departments. - The proposed fiscal 2027–2031 CIP will incorporate updated remaining balances and project statuses.