PROVIDENCE, R.I. (WPRI) — Providence Mayor Brett Smiley and the R.I. Department of Education have reached an agreement on increasing funding for city schools following a lengthy court battle, a judge announced Wednesday. R.I. Superior Court Judge Jeffrey Lanphear announced the deal in court following intense negotiations between the two sides. "It will be of great importance and help to both the educators and the students in the Providence school system who depend upon an active and vibrant school department every day," Lanphear said. Lanphear said the agreement still needs to be formalized in writing over the coming days, with more information -- like the terms and amount Providence is on the hook for -- expected to be available by late Friday. A RIDE spokesperson declined to comment on specifics until the terms were finalized. Estimates of how much more city taxpayers may need to spend on the schools have generally been in the range of $11 million to $55 million. During an afternoon news conference at Providence City Hall, Smiley said he expects the city will have to raise taxes to fund the new school spending, though he indicated a midyear tax hike may not be necessary. "Our taxpayers should know that city government is doing its part to tighten its belt as well," Smiley said. The city implemented a hiring freeze and paused discretionary spending last Tuesday. Smiley did say, however, that he did not expect cuts to funding earmarked for libraries or recreation centers to be made in the current fiscal year. "I don’t want that anxiety hanging over their head while the lawyers for my team and their team work out these final details," Smiley said. " ‘Panic mode’: Providence libraries on the chopping block amid school funding fight The two sides have been at odds over how much Providence should increase education funding to comply with the terms of the Crowley Act, the law which governs school districts under state takeover. Providence schools have been under state control since 2019. The mayor also said that Wednesday's settlement is a step to gaining back control of the state-run school district. "It is time to return our schools to local control. I know the City Council feels the same way," he said. Gov. Dan McKee said at an unrelated event on Wednesday that it was the state’s intent to return the schools to local control. The state takeover is in place for up to another three years. "We want to give the schools back to the city. But when we do, it’s got to be properly funded," McKee said. Alexandra Leslie ([email protected]) is a Target 12 investigative reporter covering Providence and more for 12 News. Connect with her on Twitter and on Facebook. Tim White contributed to this report.