Unfunded public pensions, inaccurate budgets, retiree health insurance costs and a host of other financial stresses facing many cities and towns could end up costing taxpayers dearly in ways that have yet to be calculated.That point became a painful reality in Providence, R.I., last month when the city’s bond rating was dropped two grades by Moody’s Investor Services. The downgrade will cost residents about $900,000 in extra interest on a $35 million loan the city is seeking.
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