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Mancini Appointed CFO, Silveria First Woman in City History Appointed Director of Finance
PROVIDENCE, RI – Mayor Jorge O. Elorza today announced transitions in the City of Providence’s finance leadership team. Lawrence J. Mancini, current Director of Finance, is to be appointed Chief Financial Officer (CFO) and current Deputy Director of Finance Sara Silveria will be appointed to Finance Director-designee. Once approved by the Providence City Council, Silveria will be the first woman in City history for the senior role.
A graduate of Bryant University and Providence’s own Mount Pleasant High School, Mancini has served the City of Providence for more than three decades in several capacities including Acting Director of Administration, Deputy Director of Finance and Deputy City Collector, where he gained critical municipal finance experience at all levels. As CFO, Mancini will provide executive-level analysis and lead strategic planning to manage the City’s financial affairs. Mancini will also be the lead financial official for all financial transactions, spearheading or directing negotiations associated with the development of revenue opportunities. In addition to his extensive city service, Mancini received the 2017 Rhode Island Public Expenditure Council (RIPEC) Robert M. Goodrich Public Service Award, given annually to a municipal employee for distinguished service.
“It is an incredible honor to be appointed to the role of Chief Financial Officer for the capital city,” said Lawrence J. Mancini. “We’ve accomplished so much to put Providence on solid financial footing, but there is still much more work to do. I look forward to continuing to serve the people of Providence to the best of my ability to ensure our city’s long-term success and growth.”
The appointment of the Director of Finance is subject to City Council approval.
In August 2019, Standard & Poor’s Financial Services affirmed the City’s bond rating, upgraded its outlook to “Positive” and credited the City’s budget management practices, including the adoption of more realistic budgetary assumptions and careful monitoring of expenditures as major factors in improving city finances. The City realized a $10.3 million surplus in Fiscal Year 2016 and a $5.44 million surplus in Fiscal Year 2017 which helped erase a $13.4 million cumulative deficit earlier than expected, as well as $9.2 million operating surplus in Fiscal Year 2018.
Lawrence J. Mancini