Great. So we’ll be able to cover the loss when 38 defaults.

It’s gotta be a majority, right? Given that Chafee thinks he’s in charge down there.

At the annual city budget address last night, Mayor Angel Taveras presented the Providence City Council with a $638.4 million budget proposal that prioritizes education, economic development and public safety. Taveras reiterated his calls for municipal pension reform and increased contributions from the city’s nonprofits. Though a deal between Providence and the University has yet to be reached, parts of the budget rely on the outcome of the negotiations.

Dude, everyone knows it’s all the unions’ fault. Why’d you have to bring all this research and thinking into it?

“This is affecting real people. There does not seem to be any thought to the long-term ramifications of any of this.”

Lest you think you got away with passing that bad check to the DMV.

“As part of the new agreement, the Providence Police have agreed to six years with no raise. If the Police Department reduces its budget in excess of $6 million in structural savings in FY12, up to $1.5 million of the additional savings will be dispersed to officers as one-time stipends in FY13 and FY14. The new agreement also includes a salary increase of 4% in FY14.” “The agreement also includes a retirement incentive that will encourage 35 to 40 eligible officers to retire this year, producing significant savings through attrition. Additional savings will be achieved through changes to current benefits.”

“Based on an initial review, we’re optimistic that this budget is a win for the people of Providence,” said David Ortiz, spokesman for Providence Mayor Angel Taveras. “We thank the General Assembly for its strong effort to support the Capital City during this difficult time.” But same could not be said of Central Falls, the financially troubled square-mile city that is currently being run by a state-appointed temporary receiver.

“Moody’s said the review was prompted by the city’s proposed fiscal 2012 budget which relies on revenue sources and cost saving measures that have yet to materialize.” So how is that different from any other year?

About 10 area residents and business owners attended a forum hosted by the North Central Rhode Island Chamber of Commerce, which covers Johnston, North Providence, and the northwest part of the state.