Nick Denice for State Representative District 26 West Warwick, Coventry, Warwick

Candidates for local General Assembly seats say reinstituting program would help restore Harris Mill area.

(Coventry Patch, 10/22/2012)

State Senate candidate Lou Raptakis and State Representative candidate Nicholas Denice are calling for the re-authorization of a historic tax credit program which could be used to revitalize the Harris Mill in Coventry.  The mill is currently abandoned, overgrown, and covered with graffiti.  A crime wave has broken out in the area, with Denice noting that homes and cars have been broken into and people have been physically assaulted outside of their homes.

“It is about time our public officials did something to revitalize the Harris Mill,” said Denice.  “We have a chance to put the building back on the tax rolls, increase revenue, bring jobs and businesses into the community, lower the crime rate, turn an eyesore into a local landmark, and increase surrounding property values. This building is the magnet for this crime in the Phenix/Harris area.”

Raptakis added, “All you have to do is look at what they were able to do with the Royal Mills project near Riverpoint Park in West Warwick.  There they had a building that had fallen apart, was infested with rats, covered with spider webs, and had become the symbol of a town in decline.  Now it is a source of pride in the West Warwick, where the history of the town is on display and bringing a new demographic of people into the community.”

Rhode Island first instituted an historic tax credit program in 2001.  It allowed developers to receive tax credits up to 22% of the cost of a project.  In other words, for every $1,000 invested into a project, a developer could receive a $220 credit.  Ted Sanderson, director of the RI Historical Preservation and Heritage Commission which administered the program, has previously stated that the program contributed to the restoration of 200 historic buildings across Rhode Island.

The program generated $1.3 billion in new private investment in Rhode Island’s real estate economy and helped generate an estimated 22,000 construction jobs and 6,000 permanent jobs, paying total wages of over $800 million, exactly the kind of job creation the state needs.

The program was suspended in 2008 and Raptakis and Denice said they will make restoring the program a top priority if elected.  They said the Historic Tax Credit program would provide the economic incentives needed to renovate the Pawtuxet Valley and bring much-needed business and job growth to the area.  It is part of their Economic Revitalization Plan which also includes lowering business taxes, abolishing the minimum corporate tax, streamlining regulations, and eliminating unfunded state mandates.

“Rhode Island needs a shot in the arm to get our economy up and running again and as a State Senator, I will fight to make this happen,” said Raptakis.  Denice added, “This is an example of the kind of solution I will push for as a State Representative, someone who will work constantly to create jobs and improve the quality of life in our community.”

Say that if elected in November, will sponsor bill to limit tax increases

by Kendra Leigh Miller

Published in 10/6/2012 KC Times

(Coventry, RI) At Monday’s annual Central Coventry Fire District taxpayer’s meeting, Coventry taxpayers approved two resolutions introduced by District 33 State Senate candidate Lou Raptakis and District 26 State Representative candidate Nick Denice.

Both resolutions are meant to limit the impact of any potential future increase in the district’s fire tax.

Taxpayers angry about rising fire taxes filled the Coventry Town Hall Annex in a highly charged meeting that lasted for nearly four hours.

Raptakis and Denice offered the two resolutions, asking taxpayers to support legislation they would, if victorious in next month’s general election, introduce in the General Assembly that if passed would freeze the fire tax for elderly residents and adopt a 4.25% cap for the district.

The tax freeze for seniors would be the same as a program offered by the town for property taxes, while the tax cap would mirror a similar cap on local property taxes.

“Taxpayers are clearly looking for government to do more with less in these tough economic times,” said Denice.  “This legislation is long overdue.  It is time for local public officials to place fiscal accountability and the best interests of the taxpayer first.”

Denice said this was an opportunity for the Fire District to adopt an approach that has worked to limit the impact of municipal tax increases.

The proposal recognizes that tax hikes are particularly hard on seniors living on fixed incomes and if successful at the State House, will limit the impact on future tax hikes on all ratepayers, said Denice.

He and Raptakis are confident that with the district’s taxpayers’ support, they can get the proposal passed.

“This proposal is the natural extension of laws already on the books to protect taxpayers from out-of-control taxes and spending,” said Raptakis.  “After going door to door during this campaign, I have been more convinced than ever that these changes to the fire tax are necessary for all stakeholders involved.”

Both candidates pledge to introduce this legislation in the Rhode Island State House as a top priority in the next legislative session if they win their respective races in November.

Candidates for State Senate and Representative offer proposal to protect Central Coventry Fire District ratepayers and ease concerns about major fire tax hike

Printed in the KC Times
by Kendra Leigh Miller (9/29/10)

(Coventry, RI) District 33 State Senate candidate Lou Raptakis and District 26 State Representative candidate Nick Denice announced today that they will offer a resolution to the Central Coventry Fire District annual taxpayers meeting next week to limit the impact of any potential increase in the district’s fire tax.

In the run-up to next week’s meeting of the Fire District board, a citizens group and district officials have been trading barbs about spending by the Fire District and the scope of a potential fire tax increase.  Raptakis and Denice are proposing a resolution that would ask the board to support legislation they would introduce in the General Assembly if elected that would freeze the fire tax for elderly residents and adopt a 4.25% tax cap for the district.  The tax freeze for seniors would mirror a similar program offered by the Town of Coventry for property taxes, while the tax cap would mirror a similar cap on local property taxes.

“This proposal is a way to bring both sides together and send a clear message that the Central Coventry Fire District is working with the best interests of ratepayers in mind,” said Raptakis.  “It’s time to get beyond the arguments and promote a spirit of openness and transparency.”

Denice added, “This is an opportunity for the Fire District to adopt an approach that has worked to limit the impact of municipal tax increases,” said Denice.  “It recognizes that tax hikes are particularly hard on seniors living on a fixed income and seeks to limit the impact of future tax hikes on all other ratepayers.”

Both candidates will introduce the resolution at the annual meeting of the Board of Directors of the Central Coventry Fire District on Monday night at 7:00 p.m. at the Coventry Town Hall Annex  Flat River Road, Coventry.

“Audit Committee will improve our standing in the bond markets and reduce the risk of fraud and mismanagement.”

(West Warwick, RI) Nick Denice, a Certified Fraud Examiner and Pension Board Member, and Town Councilman David Gosselin are calling for the Town Council to establish a Town Audit Committee.

Each year, West Warwick is required by state law to conduct an audit to ensure that the Town’s financial statements adequately reflect its financial position.  This process involves hiring an independent accounting firm to come in to the town and test the town’s processes with respect to compiling financial information, preventing waste and fraud, and using correct accounting policies and principles.

“The purpose of this committee will be to oversee the work of the Independent Auditors and assist the Town Council and School Committee in their oversight of the integrity of the Town’s financial statements and the Town’s system of internal controls and compliance,” states Denice.  “Once the audit report is issued, the audit committee will follow up with Town management to ensure that any deficiencies in the Town’s processes are corrected moving forward.”  The Audit Committee is responsible for keeping the Town focusing on identifying and mitigating risks, collaborating with the auditors on the Town’s risk assessment, ensuring accountability and compliance, and establishing a governance structure with respect to the expenditure of public funds.

Since the accounting reforms in the 2002 Sarbanes-Oxley Act, passed to remedy accounting scandals such as Enron, many cities and towns have followed the lead of the private sector.  Denice notes that North Providence, North Kingstown, Middletown, and Cranston have adopted the measure.  The proposed ordinance for West Warwick is based upon North Kingstown’s Committee.  The Committee will consist of financial experts with professional designations such as Certified Public Accountants and Certified Fraud Examiners.

The ordinance, introduced by Town Councilman David Gosselin, has been developed in collaboration with Auditor General Dennis Hoyle, former Auditor General Ernest Almonte, the former Chief of the RI Bureau of Audits, the former North Kingstown Audit Committee Chairman, and the RI Society of Certified Public Accountants.

Gosselin and Denice note that “this ordinance will show the bond markets that West Warwick is concerned about improving our financial controls to prevent waste, fraud, and mismanagement.  This is a pure good government move that will ensure that taxpayer money is used efficiently in tough economic times.  It will provide oversight in an area that has been overlooked for far too long”

The ordinance will receive a first reading at the Town Council meeting this Tuesday, August 7th.

By Lauren Knight, lknight@ricentral.com, January 10, 2012

WEST WARWICK- The National Italian American Foundation (NIAF) announced the scholarship recipients for their Frank J. Corsaro scholarships, and for one of its two awards, a West Warwick resident was selected.

The national awards are designated for two years of study, one for legal and one for medical school, according to Gina Ghilardi, the communications and media manager at NIAF. Nicholas Denice, of West Warwick, received the Frank J. Corsaro Legal Scholarship.

“He is pursuing a dual degree, one in law and the other is a master’s in professional accountancy,” said Ghilardi. She explained that Denice was selected because “they were impressed by the dual degree. He has a high GPA with a lot of volunteer work and he is also a member of a couple honor societies and clubs.”

The NIAF awards a total of 84 scholarships across the country. In order to receive a scholarship, the applicant must either be of Italian heritage or study Italian, according to Ghilardi. The Foundation takes into account the academic achievement, extra curricular activities and recommendations of each student.

Denice earned his bachelor and master degrees in accounting at Bryant University. He is currently enrolled in his first year at Roger Williams University School of Law. He explained that this summer he will take the test to become a Certified Public Accountant (CPA). Upon completion of law school, Denice stated that he hopes to pursue a career primarily in business law.

“I [will] try to get a position with a medium-sized law firm in the state that has good practice in corporate law,” said Denice.

Denice explained that in 2011, he also received scholarships from the American Institute of Certified Public Accountants, the Rhode Island Society of Certified Public Accountants, the Rhode Island Bar Association, and the Rhode Island Certified Fraud Examiner.

Denice currently serves as a member of the West Warwick Pension Board. He is also active in the community with St. Mary’s Church, university activities and volunteering with the state’s tax assistance program for low income residents to file tax returns.

The NIAF scholarship program has awarded $10 million in scholarships and grants since its inception 37 years ago, according to the news release. Since, it has grown from providing four students with $250 each to approximately 100 scholarships per year that range from $2,000 to $10,000.

Recipients range from students in the humanities, medicine, business, engineering, music, Italian language and culture and other specialized fields.

By Jeremiah Ryan, kceditor@ricentral.com, May 7, 2012

WEST WARWICK- Pension Board Member Nicholas Denice, who has served as Vice Chairman of the West Warwick Pension Board, recently called for the town to hire a Pension Consultant to study one of the most underfunded pension plans in the state.

West Warwick, currently one of the state’s four municipalities mentioned specifically in Governor Lincoln Chafee’s municipal pension reform plan, counts unfunded pension liability among its chief concerns as it approaches its annual financial town meeting next month.

“Pension reform is necessary to secure the future of our town,” Denice told the Times. “Taxpayers deserve certainty as to the tax levy. Current employees and retirees should know that they will have retirement security as they have dutifully paid into the system for years. If the town does nothing, this plan will run out of money within a few years,” he warned, “and West Warwick will suffer the same fate as the currently bankrupted Central Falls.”

Denice proposed the town hiring an expert to develop a plan to move forward as a means to produce feasible solutions to the growing problem. Citing that the Pension Board has made changes over the last year- hiring a new actuary, new attorney, and has rebalanced its investment portfolio, Denice Counted these as actions that have improved both the quality of services in town and also estimated them to save $40,000 in this year alone.

“We need to reinvest these savings into developing a plan going forward,” he added. “Since April of last year, I have been trying to convince the Pension Board to hire a consultant. In fact, a proposal by former Auditor General Ernie Almonte, the foremost expert in pensions in the state, was rejected by the Board last April,” he continued, “a decision that has delayed the necessary changes being made for over year. I will continue to push for hiring a consultant but the public needs to get involved and hold the Pension Board and Town Council accountable for opposing this good government initiative.”

West Warwick has been classified in Chafee’s municipal reform plan as one of the Ocean State’s financially distressed communities. The town’s pension fund is only 26% funded and has nearly $100 million in unfunded liabilities. Even if the town increased property taxes by the maximum amount by law, he said, it would still not be able to meet its annual required contribution.

In fact, Denice explained, with a $5 million burn rate (pension payouts exceeding contributions and market gains) per year, the fund will likely have to convert completely to cash within three years. These liabilities do not even include the OPEB (post retirement medical expenses) where the town has additional liabilities in excess of $130 million.

“Our bond rating was recently downgraded, increasing the cost of our debt and recently the Pension Board learned the School Department has not made its required payment to the pension plan, although the payments were budgeted by the School Committee, for the last 13 years,” Denice added.

Denice said that he hopes that tomorrow’s upcoming meeting with the state’s current Auditor General, Dennis Hoyle, to discuss the financial condition of the town will get the ball rolling. The joint meeting of the Town Council, School Committee, and Pension Board will be held at the high school auditorium on Tuesday at 5 p.m. and is open to the general public.

“We need to bring in skilled professionals to run the numbers and develop scenarios to least have the framework to design changes to make the system sustainable,” he finished. “Then comes the hard work of bringing all the stakeholders together to make the tough decisions needed to save our Town from bankruptcy.”

By Tom Mooney, Journal Staff Writer, May 9, 2012

WEST WARWICK- State officials delivered a stern message to town leaders Tuesday: Stop squabbling among yourselves and start exploring ways to resolve your municipal pension crisis or West Warwick will go bankrupt and its local retirement plan could run dry in five years.

“I’m asking that everyone work as a team- bury the hatchets,” Rosemary Booth Gallogly, the state director of revenue, told member of the Town Council, School Committee and local pension board assembled on the town’s high school stage. “Otherwise this is a Titanic ready to sink.”

State officials called for the special joint meeting over concern that local leaders- wrangling in litigation over school funding and budget cuts- appeared reluctant to acknowledge the severity of their pension problem, said Auditor General Dennis Hoyle. Or worse: they had already surrendered under its staggering weight and were now expecting either state oversight or bankruptcy.

Neither would be the panacea, Gallogly warned: “If I come in, I don’t care about middle school sports or a senior center,” she said. “All I care about is getting the fiscal house in order.”

Pension board member Nicholas A. Denice, speaking directly to the council and committee members, said: “There seems to be a lot of people just waiting around for the state to bail them out.” He suggested the town hire a pension expert to come up with some workable suggestions.

West Warwick’s municipal pension plan is only 26-percent funded. Last year it paid out $6.3 million while taking in about $1.3 million in contributions. Its unfunded pension liability is nearly $100 million, making it one of the worst in the state.

And, as Gallogly pointed out, that debt doesn’t include another $89.9 million local taxpayers already owe for retired workers’ free health care.

“I can’t stress enough…you have to be the leaders to solve this problem,” said Gallogly. “You are the people who have to fix this. I beg you.”

Gallogly also serves as chairwoman of the state’s Locally Administered Pension Plan Study Commission, formed last year as part of the state pension overhaul to help communities deal with the burgeoning costs of pensions. In that capacity, she has worked closely with Central Falls, which entered bankruptcy and whose retirees now receive about half of their original retirement benefits.

The experience was the worst of her career, she told the local leaders. “I see many similarities” in West Warwick. “I don’t want to go through that again.” Unless things change: “It’s not going to be long before you are in the same position.”

But Town Council President Angelo A. Padula said before the meeting that the town had only one significant option: hope the General Assembly gives communities the power to suspend retirees’ annual cost-of-living raises, which were promised in union contracts.

“It will give us the power, otherwise municipalities are gone,” he said. “We can’t sustain what is in front of us. We need to stop the COLAs, cut the pensions back to realistic numbers.”

On stage, Padula sounded almost fatalistic: “We can’t even kid ourselves,” he said. “It’s unsustainable” without rolling back benefits.

Gallogly urged him to try, suggesting that town leaders work to negotiate with town unions.

Under the new state pension overhaul, communities have until November to present plans to fix their pension systems or risk losing more state aid.

By Kendra Leigh Miller, Southern RI Newspapers, May 29, 2012

WEST WARWICK: A first-year law student is getting the opportunity of a lifetime. Nicholas Denice, a student at Roger Williams University, is heading to Italy for a three-week tour of heritage, history, and cultural experiences.

The 10-day tour program called the Ambassador Peter F. Secchia Voyage of Discovery Program, is sponsored by the National Italian American Foundation (NIAF). This all-expense paid trip for Italian-American students covers trip airfare between Italy and America and 10 days of programs. Denice leaves May 28.

The tour is open nationwide to anyone 18-23 years old and acceptance is based on an application process. Participants need to be enrolled in a college or university for the semester preceding the trip and they must be of Italian heritage.

Denice was actually checking to see the status of a scholarship he applied for when he noticed information for the trip.

“My heritage is very important to me, so being selected for this trip means so much,” he said. “The day I found out I was selected I was really stressed over a 12-page paper I had to write. I felt horrible but when I saw in my email I was accepted, it made writing a paper a bit more bearable.”

Three months ago he received that email and has been planning for the trip ever since.

It is officially a 10-day tour but if students wish to stay longer, they can on their own time. Denice has decided to extend his trip to three weeks.

Over 400 people apply, but only 10 percent are selected. They come from a cross section of backgrounds.

The program, now in its 11th year, combines education with sightseeing. Denice will have the opportunity to tour the University of Bologna, the University of La Sapienza, the Torre Prendiparte buildings, and Palazzo Monte Ciorio, the seat of the Italian Chamber of Deputies.

Students will also visit the catacombs of St. Callixtus with the reception hosted by the Ministry of Foreign Affairs, Ministero degli Affari Eseri.

“This is the best itinerary they’ve had in a while,” Denice said. “I wouldn’t have thought of doing some of these things if I’d been going there by myself. It’s going to be an incredible experience.”
He said the purpose of the trip is for those selected to become cultural ambassadors, and for him to come back and share what he learned through his experience and share the culture with others in America.

“It’s so important to know your ancestry and be able to bridge that,” Denice said.

Joseph Del Raso, NIAF president, said the Voyage of Discovery Program further strengthens Italian American students’ understanding of their rich heritage and the many contributions Italy is making to the world. The Foundation’s program gives participants an opportunity to explore and understand the land of their ancestors while learning about modern-day Italy and creating a greater awareness of Italy as a global leader.