Providence looks to water supply as new source of revenue
Mar. 21, 2017
PROVIDENCE, R.I. (AP) — The city of Providence has hired a consulting group to determine the value of their water supply in an attempt to generate revenue from it.
WPRI-TV reports (http://bit.ly/2nM3gjF) that the capital will pay the New Jersey based firm MR Valuation Consulting $175,000 to assess the value of the water supply. Officials plan to institute legislation that allows the city to drum up revenue from the supply.
Democratic Mayor Jorge Elorza says he does not want to sell the water supply to a private company.
The decision to assess the supply comes on the heels of a 2016 report that highlighted ways in which Providence could improve city finances. Consultants recommended the city use proceeds from water supply assets to improve its ailing pension fund.
Information from: WPRI-TV, http://www.wpri.com