After 15 months, Central Falls, R.I., officially pulled itself out of chapter 9 bankruptcy yesterday, WPRI.com reported. The city's chapter 9 plan laid out six years of balanced budgets for Central Falls, but with higher property taxes and lower pensions. Any changes to the city's budget will have to be approved by a finance officer, who will then report to the state through fiscal year 2016. Meanwhile, court documents indicate some city pensioners will receive 55 percent less than they were promised, but the same documents show the pension fund is now sustainable. Central Falls also lost about a third of its municipal work force since the original receiver took over about a year ago.
