Mancini Appointed CFO, Silveria First Woman in City History Appointed Director of Finance
November 15, 2019
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 the 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.
“Responsible management of municipal finances has helped Providence experience a resurgence in recent years,” said Mayor Jorge O. Elorza. “Larry and Sara offer extensive experience and proven leadership that will allow us to tackle financial challenges and continue to advance the capital city. I thank them for their commitment to Providence and look forward to working with them to build on the progress we have realized.”
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. This includes analysis of debt service capacity and associated debt service management, pension and other post-employment benefits (OPEB). 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 a 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.”
Silveria earned a Bachelor of Science in Accounting from Rhode Island College (RIC). Joining the City in 2012 as Deputy Controller, Silveria brought years of public accounting experience. She also served as Acting Pension Administrator before her most recent role as Deputy Finance Director. In her new capacity, Silveria will be responsible for the preparation and submission of the City’s annual operating budget, providing ongoing financial analysis of budget and accounts of city government, overseeing daily cash management of general fund accounts, and managing finance administration staff as well as providing general overview of the City’s Controller, Tax Collector, Tax Assessor and Retirement Offices. Silveria is a member of the Government Finance Officers Association (GFOA), Board member and Treasurer of the Nowell Leadership Academy, and former Treasurer of The Women’s Center.
“I deeply value this extraordinary opportunity to continue contributing to the success of Providence in this new capacity,” said Sara Silveria. “My experience as a leader on the finance team that has taken great strides to address critical fiscal challenges will be crucial to this new responsibility and portfolio. The future of our capital city is bright but we must continue to make progress with strategic and sound financial practices.”
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 the 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 surpluses in the Fiscal Year 2018.