PROVIDENCE - Joined by local corporate and philanthropic leaders, Mayor David N. Cicilline gratefully acknowledged the strong support of the private sector for their contributions to The Fund for Providence.

The Fund was established at The Rhode Island Foundation shortly after the Mayor was elected in November 2003, and provides a mechanism to attract external resources to advance the Mayor’s ambitious agenda for re-energizing and re-shaping city government.

“The redesign of city government is fundamental to the goal of improving the quality of life for Providence residents,” declared the Mayor, “While we face critical financial challenges to effectively manage the city, we simply cannot afford to continue the practices of past administrations. The willingness of our business and charitable organizations to invest in this reform agenda signals a new day for Providence, and demonstrates the importance of working together to create public-private partnerships to meet our collective needs.”

With the announcement of “Leadership Gifts” by Fleet Bank for $100,000 and Citizens Bank for $125,000, the Fund has leveraged nearly $600,000 to launch several key initiatives, including the development and implementation of a five year strategic financial plan.
“The leadership demonstrated by Mayor Cicilline and his team has evoked overwhelming support from the business community,” said Mark J. Formica, Vice Chairman, Citizens Financial Group. “We believe that the strength and future of the City lies in its ability to expand and grow existing businesses as well as attract new ones. This begins when there is confidence in city government’s fiscal soundness and management practices, and ethics beyond reproach. It is for this very important reason that Citizens is making a major commitment to the City through the Fund for Providence.”

The Fund for Providence is designed to support the development of new initiatives aimed at expanding and improving the delivery of city services. ProvStat, an accountability and tracking system to monitor the performance of city services is one such example of the work supported by the Fund. The Fund is also supporting research, planning, and public engagement strategies around priority issues facing the city and its residents and businesses.

"The Fund for Providence is yet one more example of Mayor Cicilline's forward and innovative actions. Bringing together the public and private sectors to collaboratively help restructure and revitalize the Capital City, will bring along sustainable, positive change for all residents of Providence, " said Neil Steinberg, president, Fleet Bank - RI. "Fleet's support of the Fund for Providence augments our strong commitment to Providence and Rhode Island - after all, Providence is where the Fleet legacy began over 210 years ago."

In addition to the leadership gifts announced by Citizens and Fleet Banks, Pablo Rodriguez, Chair of The Rhode Island Foundation, announced that the Foundation has expanded its initial commitment of $40,000 to $100,000. Mr. Rodriguez also reported that the Foundation’s total investment of $100,000, would be equally matched by the Annie E. Casey Foundation, a national foundation, with significant other investments in Providence and Rhode Island.

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