A protester displays a placard calling for pension reform during a rally at the Statehouse, in Providence, R.I., Wednesday, Oct. 26, 2011. (AP Photo/Steven Senne)

PROVIDENCE, R.I. (AP) — Mayor Angel Taveras painted a bleak picture Thursday of the city’s finances, saying Providence faces “devastation” and could go bankrupt if retiree benefits aren’t cut and tax-exempt institutions like Brown University don’t pay more in lieu of taxes.

Taveras said he cut a projected $110 million deficit for the current fiscal year to less than $30 million but that the city is on track to run out of money by June. He said taxpayers and city workers have already sacrificed — taxes and fees have gone up, and there are 200 fewer people on the city’s payroll compared to a year ago — and he called on retirees and nonprofit hospitals and universities to do the same.

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