Providence Abandons Plan To Monetize City Water

PROVIDENCE, RI — Providence Mayor Jorge Elorza said Thursday that the city is no longer looking to monetize the city's water system. The plan, proposed in February, was met with criticism.

"Putting Providence on solid financial footing has been a priority for my administration since day one," Elorza said on Thursday. "We’ve listened to community members and we want to ensure that we take our next steps together, as a city."

The proposed plan would have partnered the city's water system with the Narragansett Bay commission in an effort to shore up the city's underfunded pension system, The Associated Press reported in February.

"While we have withdrawn our support of the proposed Municipal Water Supply Systems Transaction Act, we will continue to meet with residents to discuss the city's financial challenges and to put forward new and different ideas to address them," Elorza continued. "We believe that doing nothing is not an option and we look forward to working together with the City Council, our state delegation, and our residents to find solutions to make our city stronger and more vibrant."