James A. Diossa, General Treasurer
Rhode Island Investor Relations
Rhode Island Investor Relations
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Contact: Carla Rojo, Director of Communications
Providence, RI – Today, Rhode Island General Treasurer James A. Diossa announced that Fitch Ratings has upgraded the state’s Long-Term Issue Default Rating (IDR) to ‘AA+’ from ‘AA’ and issued a ‘stable’ rating outlook. Fitch has also assigned a ‘AA+’s rating to $273.63 million of general obligation (GO) bonds.
The ratings were announced the day prior to Treasurer Diossa hosting the State of Rhode Island’s second Investor Conference at the Omni Providence Hotel. The one-day conference welcomed over 100 investors to the state and highlighted the numerous opportunities for bond investments in advance of the June 9, 2025 sale of general obligation (GO) bonds.
“Our second investor conference highlighted Rhode Island’s strength as a driver of economic growth and fiscal stability,” said General Treasurer, James Diossa. “From housing and clean energy to infrastructure and community investment, Rhode Island continues to be a smart and reliable destination for capital through GO bonds. As Treasurer, I’m dedicated to building public trust in our bonds, which have consistently delivered safe, stable, and long-term financial returns.”
Individuals in attendance included institutional investors, bankers, financial advisors, credit rating analysts, and representatives from bond investment firms. Attendees heard directly from State leaders, budget and investment officials, and State agency employees on investing in the Ocean State, upcoming projects, and progress made in strengthening Rhode Island’s economy.
Governor Daniel J. McKee, Senate President Valarie Lawson, and Speaker K. Joseph Shekarchi and Dylan Zelazo, Executive Director of Rhode Island Health and Educational Building Corporation (RIHEBC) offered welcoming remarks to attendees, encouraging them to invest in our state.
"We’re sending a clear message to investors and employers: Rhode Island is serious about growth, with a competitive tax climate, a ready workforce, and historic investments in infrastructure," said Governor Dan McKee.
President of the Senate Valarie J. Lawson said, “I am grateful to General Treasurer Diossa for hosting the state’s second Investor Conference, which provides an important opportunity to recognize and showcase Rhode Island’s strong fiscal foundation. Thanks to meaningful investments in critical areas and a responsible, forward-thinking approach on the part of state leadership, Rhode Island is set up for a bright and prosperous future. Thank you to everyone who continues to invest in Rhode Island and its people.”
“The state budget is the most important responsibility of Rhode Island’s House of Representatives, and I am very proud that our diligent oversight has been cited as a reason our state has excellent ratings from the top three credit rating agencies’ said Speaker K. Joseph Shekarchi. “With unprecedented investments in housing and innovation, our economy is growing. I am bullish on Rhode Island’s economic outlook, and I am confident that investors will agree. Thank you to Treasurer James Diossa and his team for assembling this dynamic conference.”
“RIHEBC is proud to participate in Treasurer Diossa’s investor conference,” said Dylan M. Zelazo, Executive Director of the Rhode Island Health and Educational Building Corporation (RIHEBC). “Together, we are working to build Rhode Island’s future. Sustainable, fiscally responsible investment is happening throughout the state, and the work of Governor McKee, the Rhode Island General Assembly, and Treasurer Diossa is making Rhode Island an even better place to invest.”
Additionally, a panel discussion with Senator Jack Reed, Senator Sheldon Whitehouse, and Congressman Seth Magaziner, discussed Rhode Island’s economy and infrastructure.
“Rhode Island has built a diverse economy anchored by defense, clean energy, the blue economy, and other resilient industries. I’m proud to advocate for and deliver strong infrastructure investments across the Ocean State that help strengthen our business ecosystem, attract new investors, and make our state a better place to live and work,” said Senator Jack Reed. “I was pleased to join my colleagues today to discuss our work to drive consistent economic growth in Rhode Island.”
“From our Blue Economy to our world-class universities and talent, Rhode Island punches far above its weight in so many areas,” said Senator Sheldon Whitehouse. “I was glad to join Treasurer Diossa and state leaders to highlight the Ocean State’s big investment potential.”
“I commend Treasurer Diossa for organizing today’s events and delivering a strong message that Rhode Island is a good investment.” said Congressman Seth Magaziner. “I am proud to work with my colleagues in the congressional delegation to deliver resources that help make our economy productive and set the stage for long term growth.”
The following panels were also held throughout the duration of the day, intended to inform the audience of the State’s ongoing initiatives, and an update on State finances.
The conference was cosponsored by the Rhode Island Health and Education Building Corporation, Rhode Island Infrastructure Bank, and Narragansett Bay Commission.
You may learn more about Rhode Island GO bonds here [rhodeislandbonds.com].
General Treasurer Seth Magaziner today released a Final Report, which provides an overview of the Administration’s achievements and progress over the past eight years as Treasurer Magaziner and his team have worked to increase economic opportunity and financial stability for all Rhode Islanders.
"Over the course of my Administration, our office has made significant progress towards our vision of building a stronger, more resilient economy in our state by making historic investments to fix public school buildings, putting Rhode Islanders to work in good-paying jobs on clean energy projects, supporting local small businesses, and growing the State’s pension fund that thousands of Rhode Islanders and their families rely on for retirement security," said General Treasurer Seth Magaziner. "This final report provides a summary of our achievements over the past eight years in helping Rhode Islanders to become more financially secure and build a stronger economy for our state."
The final lookback report provides an overview of the performance of many programs and initiatives under Treasurer Magaziner’s leadership over the last eight years including:
"I’d like to thank all the staff and community partners who have made these achievements possible," said General Treasurer Seth Magaziner. "Their efforts have made a profound impact on the lives of Rhode Islanders and made our state’s economy stronger and more resilient. I am extremely proud of our work together and more excited than ever for the future of Rhode Island."
Links
Administration of General Treasurer Seth Magaziner Final Report
General Treasurer Seth Magaziner today celebrated the progress of the historic investment made in Rhode Island schools through a once-in-a-generation plan to repair or replace Rhode Island's public school buildings that provides enhanced state funding for public school districts. As co-chair of the Rhode Island School Building Task Force, Treasurer Magaziner led the development of the statewide school construction program that was overwhelmingly approved by voters in 2018.
The Fiscal Year 2023 Budget passed by the Rhode Island General Assembly contains $300 million of funding to extend the statewide school construction program, including a $250 million bond proposal for voters to consider on the 2022 ballot.
“This year, more Rhode Island students have been able to attend schools that are safe, warm, dry, and equipped for 21st-century learning than ever before,” said General Treasurer Seth Magaziner. “Despite this progress, this work is far from over. Thankfully, Rhode Islanders understand that investing in our schools and our students is how we build a strong economy for the future, and I encourage voters across the state to continue this historic progress by approving a $250 million school construction bond on Tuesday, November 8.”
Treasurer Magaziner’s statewide school construction program has allocated more than $2.2 billion in funding to date to repair or replace over 200 school buildings across 31 districts in Rhode Island. These schools serve nearly 100,000 students annually and the projects to repair or replace the schools have created more than 36,000 jobs.
School construction projects substantially completed in recent months for the opening of the 2022/23 school year include, but are not limited to:
School construction projects expected to be substantially completed for the 2023/24 school year include, but are not limited to:
School construction projects expected to be substantially completed for the 2024/25 school year include, but are not limited to:
School construction projects expected to be substantially completed for the 2025/26 school year include, but are not limited to:
General Treasurer Seth Magaziner today celebrated the extension of the school construction program developed by the Task Force he co-chaired in 2017. The Fiscal Year 2023 Budget passed by the Rhode Island General Assembly and signed today by Governor Dan McKee includes $300 million of funding for the statewide school construction program, including a $250 million bond proposal for voters to consider on the 2022 ballot.
As co-chair of the Rhode Island School Building Task Force, Treasurer Magaziner led the development of a once-in-a-generation plan to repair or replace Rhode Island's public school buildings that provides enhanced state funding for public school districts. The Fiscal Year 2023 Budget ensures that school districts will continue to be able to apply for enhanced state funding through 2023.
“All students deserve to attend schools that are safe, warm, dry, and equipped for 21st-century learning,” said General Treasurer Seth Magaziner. “I thank the members of the General Assembly for continuing this historic investment in Rhode Island’s students and school buildings. Rhode Islanders understand that investing in our schools and in our students is how we build a strong economy for the future, and I look forward to when voters across the state will approve this measure on Tuesday, November 8.”
Treasurer Magaziner’s statewide school construction program was approved overwhelmingly by voters in 2018 and has since allocated more than $2.2 billion in funding to repair or replace over 200 school buildings across 31 districts in Rhode Island. These schools serve nearly 100,000 students annually and the projects to repair or replace the schools have created more than 36,000 jobs.
Examples of school construction projects recently completed, currently, or soon to be underway include:
Cranston voters overwhelmingly supported a 2020 proposal to rebuild two schools, Garden City and Gladstone Elementary Schools, and to launch major renovations at Park View Middle School, Eden Park Elementary School, and Cranston High West, benefiting over 9,400 students annually.
Smithfield renovated and expanded all three of its elementary schools, adding pre-K classrooms to the Raymond C. LaPerche Elementary School, and updating the cafeteria at Pleasant View, while also adding a new music room, media center, and gym.
Narragansett will upgrade Narragansett Elementary and Middle Schools as well as modernize and expand Narragansett High School. North Kingstown voters overwhelmingly approved a $13.5 million proposal in 2018 that includes renovations to Davisville Middle School, several elementary schools, and sports facilities that complement the new, state-of-the-art North Kingstown High School that serves as a model for surrounding communities.
Newport recently broke ground on a new 164,567 square-foot facility to replace Rogers High School, which was built in 1957 and its condition made it the worst-rated high school in the 2017 statewide assessment of all 306 public school buildings in Rhode Island.
86% of Johnston voters approved a $215 million proposal in April 2022 to finance the largest modernization of education facilities in the town’s history. School construction projects include the closure and consolidation of four elementary schools into one new state-of-the-art school with a new gymnasium, media center, and science and technology labs to support art, music, science, technology, engineering, arts, and math (STEAM) education, major renovations to the Nicholas A. Ferri Middle School and Johnston High School, in addition to a new early childhood center and new and expanded career as well as technical training programming for high school students.
Rhode Island General Treasurer Seth Magaziner today announced that the Rhode Island Pension Fund outperformed 98% of public pension plans over the last year and during the first quarter of 2022, continuing the consistent outperformance the Rhode Island plan has achieved under Treasurer Magaziner’s ‘Back to Basics’ Investment Plan.
According to the InvMetrics Public DB Database, which tracks the performance of 591 public pension plans, Rhode Island’s performance as of March 31, 2022 was ahead of 98% of the funds in the database for the first quarter of 2022, the fiscal year to date, as well as the trailing 12-month period.
“My mission as Treasurer is to support economic opportunity and financial stability in Rhode Island by strengthening the pension fund that thousands of Rhode Islanders and their families rely on for retirement security,” said Rhode Island General Treasurer Seth Magaziner. “Under our ‘Back-to-Basics' Investment strategy, the pension fund’s investment performance has been historically strong, and the plan has reached new all-time highs while consistently outperforming our peers.”
Over the twelve months ending March 31, the Rhode Island pension plan achieved a return of 12.2%, significantly ahead of the median public pension plan return of 4.9% as well as a traditional 60% stock / 40% bond portfolio return of 2.7%.
During the fiscal year to date, the Plan achieved a return of 5.0% compared to the median public pension plan return of -0.6% and a 60% stock / 40% bond portfolio return of -2.3%.
Rhode Island has achieved strong performance relative to other pension funds since Treasurer Magaziner launched the ‘Back to Basics’ investment strategy in 2017. According to InvMetrics, Rhode Island has outperformed most public pension funds in three of the last four full fiscal years.
Additional information about the Rhode Island pension system, including the ‘Back to Basics’ investment strategy and performance, can be found online as part of Treasurer Magaziner's “Transparent Treasury” initiative at investments.treasury.ri.gov.
All performance is reported on a “net of fees” basis.
Legislation seeks $300-million bond to continue critical school construction progress
Rhode Island General Treasurer Seth Magaziner testified today before the Rhode Island House Finance Committee in favor of S2596, developed by his Office in partnership with sponsor Senator Hanna M. Gallo (D-Dist. 27, Cranston and West Warwick), which would extend and expand the once-in-a-generation investment in Rhode Island’s school buildings. As co-chair of the School Building Task Force, Treasurer Magaziner led the development of the State’s school construction plan that was overwhelmingly approved by Rhode Island voters in 2018. Treasurer Magaziner also provided testimony on the companion House Bill H7125 with bill sponsor Representative Brandon Potter (D-Dist. 16, Cranston).
The State School Construction Plan has since allocated more than $1.7 billion in funding to repair or replace 189 school buildings across 28 districts in Rhode Island. These schools serve more than 101,800 students annually and the projects to repair or replace the schools have created more than 28,000 jobs. School construction activity is well distributed across both urban and suburban school districts.
“Modern school facilities are vital to preparing students to succeed in our economy and to maintain Rhode Island’s competitiveness in the region and the country,” said General Treasurer Seth Magaziner. “Despite incredible progress in a short period of time, there are still thousands of children across Rhode Island attending schools that are old, unsafe, and poorly equipped. We need to continue prioritizing school modernization until all students in Rhode Island are attending schools that are safe, warm, and built for 21st-century learning.”
The legislation will include a $300 million statewide bond proposal for voters to consider on the 2022 ballot, to extend the availability of enhanced state funding for early childhood education facilities, career and technical education facilities, and STEAM (science, technology, engineering, arts, and math) facilities.
“This is an incredible opportunity, not only to invest in students and their education but to do so in a way that reflects our values and priorities. By incentivizing the hiring of minority enterprises to complete this work, we can provide opportunities to communities that have historically been especially neglected. By incentivizing energy-efficient, environmentally focused construction, we can play a part in meeting our state’s climate goals. These provisions ensure that we are leveraging all the benefits available to us while providing our students the facilities they need and deserve.”
The proposed legislation will also include significant new incentives for energy efficiency and renewable energy improvements to public school buildings, in keeping with the state’s Act on Climate goals to achieve a net-zero emission economy. The legislation will also include new incentives for school districts to employ local contractors and minority business enterprises on school construction projects.
“Our district has benefitted enormously from the state’s school construction plan,” said Superintendent of Cranston Public Schools Jeaninne Nota-Masse. “More of our students are now learning in educational environments designed to meet the needs of today’s learners. We could not make as much progress in improving our schools for so many of our students and our educators as we have without this increased state support.”
Rhode Island Outperforms 92% of Public Pension funds in 2021
Rhode Island General Treasurer Seth Magaziner today announced that the Rhode Island Pension Fund outperformed 92% of public pension plans in 2021, continuing the consistent outperformance the Rhode Island plan has achieved under the Treasurer’s ‘Back to Basics’ Investment Plan.
According to the InvMetrics Public DB Database, which tracks the performance of 594 public pension plans, Rhode Island’s performance among funds in the database was in the 8th percentile for 2021. In 2021, the Rhode Island pension plan achieved an annualized return of 17.3%, the highest in over a decade and significantly ahead of the median large public pension plan performance of 13.9%.
"My mission as Treasurer is to support economic opportunity and financial stability in Rhode Island by strengthening the pension fund that thousands of Rhode Island families rely on for retirement security," said Rhode Island General Treasurer Seth Magaziner. "Our ‘Back-to-Basics' Investment strategy is helping the pension fund to reach new all-time highs while consistently outperforming other public pension funds."
Rhode Island has achieved strong performance relative to other pension funds since Treasurer Magaziner launched the ‘Back to Basics’ strategy in 2017. According to InvMetrics, Rhode Island has outperformed a majority of public pension funds in three of the last four full fiscal years.
Additional information about the Rhode Island pension system, including the ‘Back to Basics’ investment strategy and performance, can be found online as part of Treasurer Magaziner's “Transparent Treasury” initiative at investments.treasury.ri.gov.
All performance is reported on a “net of fees” basis.
General Treasurer Seth Magaziner today released the Office of the General Treasurer's 2021 Annual Report, which provides an overview of the performance of the programs and initiatives of the office over the past year as Treasurer Magaziner and his team have worked to increase economic opportunity and financial stability for Rhode Islanders.
“Over the last year, our office has made significant progress towards our vision of building a stronger, more resilient economy in our state by fixing school buildings, putting Rhode Islanders to work on clean energy projects, supporting small businesses, and growing the state’s pension fund that thousands of Rhode Islanders and their families rely on for retirement security,” said General Treasurer Seth Magaziner. “The 2021 Annual Report provides a useful summary of the programs our office offers to help Rhode Island families become more financially secure, and our initiatives to build a stronger economy for Rhode Island.”
The 2021 Annual Report provides an overview of the many programs run by the Treasurer's office over the last year including:
Links
Rhode Island General Treasurer Seth Magaziner today announced the total unfunded liability of the Employees' Retirement System of Rhode Island decreased by $408,597,654 in the fiscal year ended June 30, 2021, and the funded status grew to 63.9%, the highest level since 2008. This is the third year in a row that the unfunded liability has decreased and represents the largest decline in a single year ever.
"My mission as Treasurer is to support economic opportunity and financial stability in Rhode Island, including by strengthening the pension fund that thousands of Rhode Island families rely on for retirement security," said General Treasurer Seth Magaziner. "Under our 'Back-to-Basics' Investment strategy, we have helped the pension system reach new all-time highs, consistently outperforming other public pension funds."
During Fiscal Year 2021, the pension system earned a 25.6% investment return, and ending at an all-time high of more than $10.3 billion in assets. The overall funded status of the pension system, which includes plans for state employees, teachers, judges, state police and municipal employees, rose from 60.5% to 63.9%.
Among the 117 municipal plans managed by the pension system, 37 are more than 100% funded (up from 30 last year), and 81 are at least 80% funded (up from 76 last year).
Notably, under the system's actuarial practices, the value of assets used to calculate the funded status of the pension system is based on a five-year average. If the actual market value of the system's assets as of June 30 was used, the funded status of the system would be 70%.
In addition to the strong performance of the previous fiscal year, the Rhode Island Pension Fund has demonstrated continued the strong performance achieved so far in Fiscal Year 2022. According to the InvMetrics Public DB Database, which tracks the performance of 597 public pension plans, Rhode Island outperformed 97% of plans in the first quarter of Fiscal Year 2022 (from July 1 through September 30).
Contact: Benjamin Smith
(401) 439-2199| Benjamin.smith@treasury.ri.gov
Rhode Island Outperforms 97% of Public Pension funds in Third Quarter; 95% Year to Date
Rhode Island General Treasurer Seth Magaziner today announced that the Rhode Island Pension Fund outperformed 97% of public pension plans in the third quarter of 2021, continuing the consistent outperformance the Rhode Island plan has achieved under the Treasurer's 'Back to Basics' Investment Plan.
According to the InvMetrics Public DB Database, which tracks the performance of 597 public pension plans, Rhode Island's performance among funds in the database was in the 3rd percentile for the 3rd Quarter of 2021 and in the 5th percentile year to date.
In 2021, through September 30 the Rhode Island pension plan achieved a return of 11.9%, significantly ahead of the median public pension plan performance of 8.7%.
"My mission as Treasurer is to support economic opportunity and financial stability in Rhode Island by strengthening the pension fund that thousands of Rhode Island families rely on for retirement security," said Rhode Island General Treasurer Seth Magaziner. "Our 'Back-to-Basics' Investment strategy is helping the pension fund to reach new all-time highs while consistently outperforming other public pension funds."
Rhode Island has achieved strong performance relative to other pension funds since Treasurer Magaziner launched the 'Back to Basics' strategy in 2017. According to InvMetrics, Rhode Island has outperformed a majority of public pension funds in three of the last four full fiscal years, in addition to starting the current fiscal year ahead of most other plans.
Additional information about the Rhode Island pension system, including the 'Back to Basics' investment strategy and performance, can be found online as part of Treasurer Magaziner's "Transparent Treasury" initiative at http://investments.treasury.ri.gov.
All performance is reported on a "net of fees" basis.
Department or agency: Office of General Treasurer Seth Magaziner
Online: http://treasury.ri.gov
Release date: 11-22-2021
Pension Fund earns more than $2.28 billion over the last year
The Rhode Island pension fund continued its strong performance, finishing the month of October 2021 with a new all-time high of approximately $10.64 billion after earning more than $2.28 billion over the last year.
"Strong investment performance for the pension system is important, not only for Rhode Island teachers, nurses, and first responders who deserve retirement security, but also for all taxpayers who help fund the system," said Rhode Island General Treasurer Seth Magaziner. "Our 'Back to Basics' investment strategy is helping the pension fund reach all-time highs while supporting economic opportunity and providing thousands of Rhode Islanders with financial stability."
During the month of October 2021, the pension fund returned 2.85%, beating its actuarial benchmark of 2.72%.
The pension fund also continued to outperform?a?traditional 60% stock / 40% bond portfolio, achieving annualized returns of 26.57%, 13.71%, and?11.27% for the trailing?one-year,?three-year, and five-year periods. A 60% stock / 40% bond portfolio would have returned only 21.02%, 13.03%,?10.23% over the same periods, respectively.?
Additional information about the Rhode Island pension system, including the 'Back to Basics' investment strategy and performance, can be found online as part of Treasurer Magaziner's "Transparent Treasury" initiative at investments.treasury.ri.gov [r20.rs6.net].
All performance is reported on a "net of fees" basis.
General Treasurer Seth Magaziner announced today that Rhode Island's Pension System has been recognized for its commitment to transparency by the Government Finance Officers Association of the United States and Canada (GFOA). This is the fourth year in a row that Rhode Island's Pension System has won the GFOA Certificate of Achievement.
"My administration has prioritized making Rhode Island the most transparent state treasury in the country and I'm pleased that GFOA has recognized our commitment to transparency for the fourth year in a row," said General Treasurer Seth Magaziner. "All Rhode Islanders can get the information they need about our Pension System anytime through our accessible Transparent Treasury initiative including information about how the Fund is invested, returns, and much more."
Treasurer Magaziner has prioritized transparency of the Pension System since day one. He implemented a "Transparent Treasury" initiative that requires pension investment managers to publicly report fees and performance just months after he took office in 2015. The policy became required after legislation was passed by the Rhode Island General Assembly at the request of Treasurer Magaziner.
Under Treasurer Magaziner's leadership, Rhode Island became the first state in the country to require that new investments be placed only with fund managers who publicly disclose performance, fees, expenses, and liquidity.
The GFOA Certificate of Achievement is the highest form of recognition in governmental accounting and financial regulation and recognizes the Pension Fund's commitment to a "spirit of full disclosure," for all Rhode Islanders.
The Government Finance Officers Association of the United States and Canada (GFOA) advances excellence in government finance by providing best practices, professional development, resources, and practical research for more than 21,000 members and the communities they serve.
The Government Finance Officers Association of the United States and Canada (GFOA)
Department or agency: Office of General Treasurer Seth Magaziner
Online: http://treasury.ri.gov
Release date: 11-02-2021
The Rhode Island pension fund continued its steady performance during September 2021, returning -0.19% and significantly outperformed the U.S. stock market, which returned -4.49% as measured by the Russell 3000 index during the same period.
"Our Back-to-Basics Investment strategy is helping is to support economic opportunity and financial stability in Rhode Island by strengthening the pension fund that thousands of Rhode Islander families rely on for retirement security," said Rhode Island General Treasurer Seth Magaziner. "Even during times of market volatility, Rhode Islanders can count on our steady stewardship of their retirement investments."
As of September 30, 2021, the fund has outperformed a traditional 60% stock / 40% bond benchmark over the past year by a wide margin, 21.73% versus 15.52%, ending with more than $10.3 billion of assets.
Additional information about the Rhode Island pension system, including the 'Back to Basics' investment strategy and performance, can be found online as part of Treasurer Magaziner's "Transparent Treasury" initiative at investments.treasury.ri.gov.
All performance is reported on a "net of fees" basis.
Fitch Ratings, Moody's Investors Service, S&P Global affirm ratings and stable outlook in advance of $135 million General Obligation Bond Sale
General Treasurer Seth Magaziner today announced that Moody's Investors Services, Fitch Ratings, and S&P Global have completed their reviews of Rhode Island's $135 million Capital Development General Obligation (GO) Bonds and have affirmed the state's 'Aa2,' 'AA,' and 'AA' ratings, respectively. Each of the agencies has a 'stable' rating outlook.
"These strong ratings ensure a lower cost of borrowing for important job-creating projects and reaffirm the strong financial management that is contributing to our state's economic growth," said General Treasurer Seth Magaziner. "By investing in our infrastructure, we're generating economic activity, creating local jobs, and making Rhode Island more competitive in the regional and global market."
The bonds will be competitively sold on Wednesday, October 6, 2021. Proceeds will be used for various capital projects including educational facilities, affordable housing, public transit and highway improvements, environmental projects, and other initiatives approved by Rhode Island voters.
The rating agencies' reports highlight the state's prudent financial management practices, including moderating liabilities, multi-year financial planning, consensus revenue forecasting, and consistent maintenance of reserves resulting in positive general fund balances.
Fitch Ratings also discusses how the state's institutionalized budget management practices, including budgets that spend only 97% of forecast revenue, substantial spending control, and a rainy-day account routinely maintained at 5%, have positioned Rhode Island well to withstand economic and fiscal instability, including the lingering effects of the COVID-19 pandemic.
Pension Fund earns more than $2 billion over the last year
The Rhode Island pension fund continued its strong performance, growing steadily during August 2021 with an all-time high of approximately $10.42 billion after gaining more than $2 billion in assets over the last twelve months.
"Our Back-to-Basics Investment strategy is helping is to support economic opportunity and financial stability in Rhode Island by strengthening the pension fund that thousands of Rhode Island families rely on for retirement security," said Rhode Island General Treasurer Seth Magaziner.
During the month of August 2021, the pension fund returned 1.26%. The pension fund continues to outperform its long-term actuarial target return, achieving annualized returns of 20.31%, 11.29%, and 10.63% for the trailing 1-year, 3-year, and 5-year periods. A traditional 60% stock / 40% bond portfolio would have returned only 16.55%, 11.13%, 9.98% over the same periods, respectively.
Additional information about the Rhode Island pension system, including the 'Back to Basics' investment strategy and performance, can be found online as part of Treasurer Magaziner's "Transparent Treasury" initiative at investments.treasury.ri.gov.
All performance is reported on a "net of fees" basis.
Department or agency: Office of General Treasurer Seth Magaziner
Online: http://treasury.ri.gov
Release date: 09-27-2021
Pension Fund earns more than $2 billion over the last year
The Rhode Island pension fund continued its strong performance, growing modestly during the first month of the new Fiscal Year ending June 30, 2022, with an all-time high of approximately $10.34 billion after gaining more than $2 billion in assets over the last year.
"My priority is to support economic opportunity and financial stability in Rhode Island, including strengthening the pension fund," said Rhode Island General Treasurer Seth Magaziner. "Our Back-to-Basics investment strategy has protected the Pension Fund for those families whose livelihoods depend upon it while responsibly growing the fund's assets to an all-time high."
During the month of July, the pension fund returned 0.48%. The pension fund continues to outperform its long-term actuarial target return of 7.0% on a trailing basis, achieving annualized returns of 22.28%, 11.19%, and 10.45% for the trailing 1-year, 3-year, and 5-year periods compared to a traditional 60 stock /40 bond benchmark return of 18.76%, 10.88%, 9.70% over the same periods, respectively.
Additional information about the Rhode Island pension system, including the 'Back to Basics' investment strategy and performance, can be found online as part of Treasurer Magaziner's "Transparent Treasury" initiative at: investments.treasury.ri.gov
All performance is reported on a "net of fees" basis.
Department or agency: Office of General Treasurer Seth Magaziner
Online: http://treasury.ri.gov
Release date: 08-25-2021
Rhode Island General Treasurer Seth Magaziner released the following statement regarding the strong AA credit ratings issued by S&P and Fitch, and the Aa2 rating issued by Moody's for the State of Rhode Island. The ratings from all three agencies come in advance of a bond issuance scheduled in April to fund key economic and infrastructure projects recently approved by voters.
"These ratings show that our quick action to stabilize the state's finances during the COVID-19 pandemic and our commitment to strong financial management are paying off. A high credit rating is crucial to Rhode Island's ability to continue to grow the economy. I'm pleased that the ratings agencies have continued to recognize our progress with these strong ratings," said Rhode Island General Treasurer Seth Magaziner.
When reaffirming the state's ratings, the agencies cited Rhode Island's strong financial management and S&P noted that following the global economic downturn due to COVID-19, Rhode Island "has regained a steady financial foothold based on our view of the state's active budget management, strong government framework, and its development of multi-year financial forecasts." S&P also cited Rhode Island's commitment to strong fiscal oversight as an indicator of its success.
Treasurer Magaziner's highest priority as General Treasurer is to support job creation and economic opportunity for all Rhode Islanders. During the pandemic, Treasurer Magaziner secured over $300 million in emergency financing to ensure the state's operations would continue to be funded, managed the state pension fund to an all-time high, and worked with local banks and credit unions to encourage them to provide federal forgivable PPP loans to any eligible Rhode Island small business.
This morning, General Treasurer Seth Magaziner released a statement on the Office of the General Treasurer's 2020 annual report, which provides an overview of the performance of the programs and initiatives of the office over the past year, as Treasurer Magaziner and his team have worked to increase economic opportunity and financial stability for Rhode Islanders.
"The 2020 Office of the General Treasurer Annual Report provides a useful summary of the programs our office offers to help Rhode Island families become more financially secure, and our initiatives to build a stronger economy for Rhode Island.
"In the early days of the COVID-19 crisis we took decisive action to keep the state's finances stable, deliver relief to small businesses and manage the state pension fund to an all-time high. Through it all our office continues to return unclaimed property to its rightful owners, assist victims of violent crime, and support job-creating infrastructure projects."
The 2020 annual report provides an overview of the many programs run by the Treasurer's office during the last year. The report can be viewed here.
General Treasurer Seth Magaziner today kicked off Financial Literacy Month, announcing a series of financial empowerment activities and educational opportunities geared towards building the long-term financial security of Rhode Islanders at every stage of their life.
"Financial literacy is about more than knowing how to balance a checkbook or building your personal budget - it is about empowering every Rhode Islander to make smarter choices to improve their quality of life," said General Treasurer Seth Magaziner. "As General Treasurer, my top priority is providing every Rhode Islander with the tools they need to succeed."
Throughout the month of April, Rhode Island students will have the opportunity to participate in the Office of the General Treasurer's first ever Financial Literacy Challenge and Scavenger Hunt, hosted in partnership with EverFi and CollegeBound Saver. The online quiz consists of 10 questions for students between kindergarten and college that focus on financial literacy and iconic Rhode Island themes. Upon successful completion, students will be entered into a drawing by age group to win the $500 CollegeBound prize. The quiz, guidelines and its terms and conditions are all available online at treasury.ri.gov/fin-lit-month.
Treasurer Magaziner is also partnering with the FDIC to facilitate a webinar on the Impacts of COVID-19 on Insured Account Access in Rhode Island on April 14th for staff from banks, Community Development Financial Institutions (CDFIs), credit unions and community based organizations serving Rhode Island and the South East Massachusetts area. Throughout April, Treasurer Magaziner will join virtual Financial Literacy Fairs hosted by local banking institutions like Bank Newport, Westerly Credit Union and others, providing Rhode Island students resources on financing basics from how to balance a check book to managing personal lines of credit. Additionally, the Treasurer's Office will host its quarterly Financial Empowerment Roundtable, which will virtually convene representatives from government, non-profits, education, businesses, and banking on April 21st to network and share ideas on how to encourage economic growth locally.
Additional financial empowerment activities and opportunities will be announced throughout the month of April. For more information on Financial Empowerment initiatives hosted by the Office of the General Treasurer, please visit treasury.ri.gov/programs/financial-empowerment/.
Treasurer partners with local artists to highlight the opportunity to invest in school improvements, clean water and sustainable infrastructure
During a visit to the construction site of the future East Providence High School today Treasurer Seth Magaziner announced new measures to make it easier for Rhode Islanders to invest in state bonds and the launch of a campaign to encourage Rhode Islanders to invest in bond-funded school construction and environmental projects.
The announcement was made ahead of the state’s plans to offer $153 million in bonds to support school construction, clean water and other infrastructure projects throughout the state. Projects being funded include new high schools in East Providence and Lincoln, renovations to Smithfield Elementary School, the dredging the Providence River, and funding for the Clean Water State Revolving Fund, as well as more than a dozen other voter-approved initiatives across the state.
“Beginning next week, Rhode Islanders will have a chance to make our state stronger by investing in Rhode Island Bonds,” said Treasurer Magaziner. “By investing in Rhode Island Bonds, you will play a direct role in improving our state’s schools and natural environment, while also helping to keep more of the interest we pay to bondholders right here in Rhode Island.”
The Treasurer partnered with local artists to raise awareness about the opportunity to buy Rhode Island bonds and the projects they will fund.
“I appreciate the opportunity Treasurer Magaziner has given me to be a part of this campaign. I was inspired by the New Deal era posters that showcased the grit and determination of working people,” said local artist Simon Allen. “Bringing that style into the 21st century and benefiting the state where I live is very meaningful. I’m proud to know that these posters and will help raise awareness and the spotlight will help fund infrastructure projects across Rhode Island.”
Beginning Tuesday, November 26, 2019, Rhode Islanders will be able to access information about the upcoming bond sale, the artwork, projects being supported and information for investors at www.RhodeIslandBonds.com. Bonds will be sold the week of December 10, 2019.
Rhode Island's pension system continues to improve its relative investment performance when compared to similarly sized public pension funds, outperforming 78% of its peers in the fiscal year ending on June 30, 2019.
Leading market intelligence firm, InvMetrics, found that Rhode Island performed in the top quartile among public pension funds over $1 billion, according to a report from New England Pension Consulting, which serves as a consultant to pension plans throughout the country, including Rhode Island.
Rhode Island's performance continues to steadily improve compared to its peers, marking the second consecutive fiscal year in which the plan outperformed the median in its peer group. This recent success stands in contrast to historical performance, in which Rhode Island often lagged its peers. The system's relative performance ranked in the sixty-sixth percentile among peers for a ten-year period, while improving to fifty-seventh in a five-year period, and twenty-second over a one-year period.
Under Treasurer Magaziner's leadership, the state adopted the 'Back to Basics' investment strategy, which is designed to provide long-term growth over time and stability when markets are challenging. Since implementation of Back to Basics began in September 2016, the fund has earned $1.8 billion from investments as of July 31, 2019.
Detailed information about the fund, including the 'Back to Basics' investment strategy, performance, and detailed information about its managers are published online as part of Treasurer Magaziner's "Transparent Treasury" initiative.
Rhode Island General Treasurer Seth Magaziner today released the 2019 Rhode Island Debt Affordability Study, which provides comprehensive information on the debt, pension and post-employment liabilities of the state, municipalities and quasi-public agencies of Rhode Island.
"Rhode Island must continue its commitment to making critical investments in infrastructure projects that create good jobs that protect the health and wellness of our residents," said Treasurer Magaziner. "We must also ensure that we borrow within our means."
The report finds that the liabilities of the State and most Rhode Island municipalities are generally within acceptable levels. However, the total liabilities of seven municipalities are in excess of recommended limits and warrant heightened attention from policymakers in those communities.
This Rhode Island Debt Affordability Study is the second to be released since Treasurer Magaziner led reforms to the state's debt management practices. The previous iteration of the Rhode Island Debt Affordability Study in 2017 received national recognition for being among the most comprehensive studies of its kind ever conducted by a state. The 2019 edition of the study goes further, by making Rhode Island the first state to formally incorporate OPEB (Other Post-Employment Benefits) into its affordability recommendations.
The findings and guidance provided in this study are a part of the ongoing work of the Public Finance Management Board, chaired by Treasurer Magaziner, to provide information that can help Rhode Island communities effectively manage their debt.
Approximately 2,900 Rhode Island Student Loan Authority (RISLA) borrowers will have their outstanding student loan balance reduced as part of a Loan Forgiveness Program announced today by RI General Treasurer Seth Magaziner and Charles Kelley, Executive Director of RISLA.
RISLA can reduce these student loan balances as a result of the strong performance of the bonds it issues.
"Our ability to offer this loan forgiveness program is largely driven by the timely repayment of these loans which in turn, kept the net default rate for this program to less than two percent," said Mr. Kelley. "Our mission to provide students and families with safe, low cost loans that minimize the burden of borrowing with the lowest interest rates in the country is considerably aided by our responsible borrowers who share the credit in making this loan forgiveness program possible."
Last year RISLA was able to help over 4,500 students and families save thousands of dollars with low fixed rate in-school and refinancing loan programs.
"As the cost of college and vocational training continues to rise, this loan forgiveness is welcome news to student loan borrowers who are making every effort to pay off their loans," said Treasurer Magaziner, who serves on the agency's board of directors. "RISLA is a valuable resource for Rhode Island students because they offer high-quality student loans and exceptional support for borrowers."
Tax exempt student loan bond issuers like RISLA have the ability to forgive a portion of a student loan if an individual bond issue performs significantly better than expected after 7 to 10 years of loan repayment history and incurs very low defaults. RISLA has taken this opportunity to reduce the balance of loans in the impacted bond issues without risking a rating downgrade or negatively impacting bond holders.
RISLA will offer partial loan forgiveness on loans funded by RISLA's 2010-A, 2012-A and 2013-A bonds. A total of 3,900 loans will be partially reduced at a value of $2.4 million.
Borrowers whose loan is being partially forgiven have been notified via letter from RISLA and the amount forgiven will automatically be applied to the individual's account. The amount of the loan forgiveness is dependent upon the tax-exempt bond issue that funded the loan and calculated based on a percentage of the dollar amount outstanding on the loan as of May 31, 2019.
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About RISLA: The Rhode Island Student Loan Authority is a non-profit quasi-state authority which has been providing affordable higher education solutions since 1981. It also operates the College Planning Center located at the Warwick Mall in Warwick and at 652 George Washington Hwy in Lincoln, Rhode Island. In addition to providing loans and facilitating applications for federal grants, RISLA educates families on how to obtain financial aid, walks students through the college planning process, provides tools that can help families make informed and responsible borrowing choices for college, and aids students in jump-starting their careers
Rhode Island General Treasurer Seth Magaziner this week is hosting the largest meeting of the National Association of State Treasurers (NAST) in the organization's history, with nearly 750 attendees from across the country convening in Providence for the 2019 Treasury Management Training Symposium.
"We are excited to show our treasury colleagues what a special place Rhode Island is," said Treasurer Magaziner. "The NAST conference will feature a robust agenda of educational sessions for attendees. The evening networking events will be unparalleled and include a public lighting of WaterFire on Thursday at sundown."
The Providence Warwick Convention & Visitors Bureau estimates that the direct positive economic impact of hosting the NAST conference will be nearly $800,000, a figure which does not include additional tourism spending by attendees.
"We are grateful to Treasurer Magaziner and his team for recommending Rhode Island as the site of this meeting. We hope that more Rhode Islanders will follow his lead and bring lucrative meeting, convention and sporting event business to the Ocean State," said Kristen Adamo, President & CEO of the Providence Warwick Convention & Visitors Bureau.
The NAST conference will take place at the Rhode Island Convention Center on May 21 - 24, 2019, and will include sessions on a wide range of topics including investments and cash management, college affordability, infrastructure and debt management, unclaimed property and financial education.
WaterFire will start the 2019 season with a basin lighting on Thursday, May 23, 2019, sponsored in part by the National Association of State Treasurers. The lighting, which is scheduled for 8:07 p.m., is open to the public.
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About NAST: The National Association of State Treasurers provides advocacy and support that enables member states to pursue and administer sound financial policies and programs benefiting the citizens of the nation. Membership is comprised of all state treasurers or state finance officials with comparable responsibilities from the United States, its commonwealths, territories, and the District of Columbia, along with employees of these agencies.
Treasurer Magaziner today, in his capacity as Chair of the Advisory Council for Locally Administered Pension Plans, released a report which details key information on the status and trends of each of the 35 locally-administered pension plans in Rhode Island.
"All Rhode Islanders deserve security and predictability in retirement, especially those Rhode Islanders who have spent their lives serving the community," said Treasurer Magaziner. "These report cards continue my commitment to transparency by helping the public understand the financial condition of municipal pension systems."
Rhode Island's 35 locally-administered pension plans carry a combined unfunded liability of $2.5 billion, and 60 percent of these plans are in critical status. In contrast, only four of the 118 municipal pension plans managed by the state through the Municipal Employees' Retirement System (MERS) are in critical status.
"While some of Rhode Island's locally administered pension plans are in strong financial condition, others remain underfunded," said Treasurer Magaziner. "It is my hope that this report will be a resource to all stakeholders engaged in policy discussions on the strength and sustainability of municipal pension plans."
The Advisory Council on Locally Administrated Pension Plans is a volunteer committee tasked with overseeing the publication of this study. The council members are Auditor General Dennis Hoyle, Director of Revenue Mark Furcolo, Lincoln Town Administrator Joseph Almond, and AFL-CIO Secretary-Treasurer Maureen Martin.
Asked to highlight the accomplishments of his office over the past year, Rhode Island General Treasurer Seth
Magaziner cited a mix of bread-and-butter matters with community outreach.
“A lot of time, we as treasurers deal with arcane and lofty issues, but we also need to focus on people and
quality of life,” Magaziner said in an interview. “What I’m most proud of is advocating strong financial
management that has a real impact on the local economy that make people’s lives better.”
The Rhode Island pension fund finished well ahead of U.S. and global stock markets in December due to the defensively positioned investments in the fund's portfolio. In a month where U.S. stocks fell more than nine percent, the pension fund posted a -2.88 percent return, outperforming the Russell 3000 US stock market index by 6.4 percent. This outperformance represents more than $500 million of value that was preserved due to the defensive positioning of the pension fund's investment strategy.
Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2019 Cash Collections Report for November 2018. The Cash Collections Report, which is issued on a monthly basis, compares current fiscal year cash collections by revenue item on a fiscal year-to-date and monthly basis to prior fiscal year cash collections by revenue item. The cash collections report makes no adjustments for the timeliness of the receipt of revenues and provides readers with insight into the state's cash flow over the course of the fiscal year.
PROVIDENCE, RI - Rhode Island ended 2018 at an all-time high with 505,000 jobs in the state, according to data released today by the U.S. Department of Labor's Bureau of Labor Statistics. There have been over a half-million jobs in Rhode Island for seven consecutive months. At 3.9%, Rhode Island's unemployment rate is now level with the national average.
Farms in Barrington, East Greenwich, Jamestown, and Little Compton will use over $67K in funding for renewable energy investments to "green" their operations and save money
Twelve projects across six cities and towns will split $2.6 million in funding, made available by the 2016 Green Economy Bond. Supporting Governor Raimondo's commitment to clean energy, DEM selected one project that will become a solar farm and two projects with rooftop solar arrays. Another project will transform a dilapidated parking lot into a LEED-certified apartment building with a green roof to collect stormwater.
NORTH PROVIDENCE, R.I. - At North Providence Town Hall Governor Gina M. Raimondo and the Rhode Island Commerce Corporation announced that nine cities and towns throughout the state have been awarded Main Street RI Streetscape Improvement Fund grants.
The State's investment strategy earned 0.96 percent during the month of August, outperforming its benchmark return of 0.88 percent and continuing to deliver strong returns for the pension fund.
"Our members deserve a stable and healthy retirement system," said Treasurer Magaziner. "The Back to Basics investment strategy, which we began implementing two years ago, continues to deliver both growth and protection for the pension fund and our members."
Rhode Island Treasurer Seth Magaziner today issued an overview of the actions his office has taken this year to strengthen corporate accountability at hundreds of publicly traded companies in which the state's pension fund invests.
(Providence, R.I.), The Rhode Island Department of Revenue (DOR) today released its FY 2019 Revenue Assessment Report for August 2018. The Revenue Assessment Report, which is issued on a monthly basis, compares the adjusted general revenues by revenue source on a fiscal year-to-date and monthly basis to expected general revenues by revenue source. Expected general revenues are estimated by DOR's Office of Revenue Analysis from the revenue estimates enacted in the FY 2019 budget. The methodology underlying the Office of Revenue Analysis' estimates is contained in the report.
Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 Special Report on Preliminary Revenues. This report provides a detailed look at FY 2018 preliminary revenues as provided in the Controller's Preliminary General Fund Revenue Report for FY 2018 and compares these revenues to both the final enacted FY 2018 revenue estimates and the audited FY 2017 revenues as provided in the Final General Fund Revenue Report for FY 2017. Some of the detail information is derived from reports generated by the Division of Taxation and the Division of Lottery. This report should be viewed as a complement to the Controller's Preliminary General Fund Revenue Report for FY 2018.
Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 Cash Collections Report for June 2018. The Cash Collections Report, which is issued on a monthly basis, compares current fiscal year cash collections by revenue item on a fiscal year-to-date and monthly basis to prior fiscal year cash collections by revenue item. The cash collections report makes no adjustments for the timeliness of the receipt of revenues and provides readers with insight into the state's cash flow over the course of the fiscal year.
Providence, R.I. -- The Rhode Island Department of Revenue (DOR) today released its FY 2019 Revenue Assessment Report for July 2018. The Revenue Assessment Report, which is issued on a monthly basis, compares the adjusted general revenues by revenue source on a fiscal year-to-date and monthly basis to expected general revenues by revenue source. Expected general revenues are estimated by the DOR's Office of Revenue Analysis from the revenue estimates enacted in the FY 2019 budget. The methodology underlying the Office of Revenue Analysis' estimates is contained in the report.
Rhode Island's pension fund continued to deliver strong performance under Treasurer Magaziner's Back to Basics investment strategy earning $125 million in July. That 1.51 percent return on the month finished ahead of the fund's benchmark which returned 1.31 percent. The positive performance was driven by the investments in the global stock market - mostly low fee index funds designed to provide long-term growth.
PROVIDENCE, RI - According to data released today by the U.S. Department of Labor Bureau of Labor Statistics, Rhode Island added 1,200 jobs last month and set another new all-time high record for the number of jobs in the state. The state's unemployment rate, which was well over 6 percent and one of the highest in America when Governor Gina M. Raimondo took office ticked down another 0.2 percentage points to 4.1 percent, the lowest unemployment rate the state has had since 2000. Since the start of 2015, Rhode Island has added 21,000 new jobs.
PROVIDENCE, RI- Governor Gina M. Raimondo released the 2018 Rhode Island Clean Energy Industry report today, which showed that clean energy employment in the Ocean State has grown by a remarkable 72 percent since 2014 and resulted in 6,650 new jobs across the state. The clean energy sector now counts more than 15,800 green jobs in total
General Treasurer Seth Magaziner today announced that the State's pension fund finished its fiscal year ahead of its investment target and benchmarks. The fund returned 8.03 percent in the fiscal year ending June 30, 2018, ahead of its 7.0 percent annual target and ahead of its own benchmark which returned 7.59 percent over the same period. The fund also outperformed a traditional 60 percent stock/40 percent bonds portfolio which would have earned just 6.25 percent.
General Treasurer Seth Magaziner today joined retired members of the St. Joseph Health Services of Rhode Island pension plan to propose new transparency requirements for pension plans managed by religious organizations that collectively cover thousands of Rhode Island workers.
R.I.-based Deepwater Wind will invest $250 million locally on project, including $40 million on private investment at ProvPort and Quonset
Construction activities for Revolution Wind project to start in 2020
Project will provide enough energy to power 200,000+ Rhode Island homes
Raimondo positioning Rhode Island as hub for North America's offshore wind industry
PROVIDENCE – The Rhode Island Department of Environmental Management (DEM), along with its partners, today awarded over $210,000 to 21 local food businesses as part of its annual Agriculture "Ag" Day celebration at the State House. The awards, funded under the Local Agriculture & Seafood Act (LASA) grant program, help new and existing small businesses and food initiatives prosper in Rhode Island.
"Agriculture Day shines a bright light on Rhode Island's vibrant food scene and rich agricultural and fishing heritage," said Governor Gina Raimondo. "Today's Local Agriculture and Seafood Act grants will help nurture new food ventures and grow our state's green economy. I congratulate all grant recipients and look forward to celebrating the success of these outstanding initiatives."
PROVIDENCE – As part of her continued efforts to grow Rhode Island's green economy, Governor Raimondo will join the Rhode Island Department of Environmental Management (DEM) and partners next week to mark the 17th anniversary of Agriculture Day in Rhode Island; as part of the event, over $210,000 in grants to local farmers and community groups will be announced.
Two years of obstruction and tactical maneuvering weren't enough to keep a large coalition of shareholders, led by Rhode Island General Treasurer Seth Magaziner, from taking Navient Corp., the nation's largest student loan servicer, to task over its role in the growing national student debt crisis today at the company's annual meeting.
This is the first time shareholders have had the opportunity to vote on Treasurer Magaziner's proposal, which would require the company to provide shareholders with an analysis of risks and potential governance failures related to the student loan crisis.
Rhode Island's pension fund continued to deliver strong performance in April, earning $55.4 million. The fund's 0.67 percent return outperformed its own benchmark of 0.35 percent, as well as a traditional 60% stock/40% bonds strategy which would have returned 0.28 percent.
Continuing his commitment to provide additional transparency on Rhode Island's public finances, Treasurer Seth Magaziner today announced the launch of a new, dedicated information platform for bond investors at RhodeIslandBonds.com.
"Bonds are essential to finance projects that improve schools, transportation and other quality of life projects that are important for Rhode Island communities to grow, "said Treasurer Magaziner. "This new web portal offers a new, more transparent and user-friendly way to provide investors with information about State and municipal bond offerings."
With thousands of pages of data and documents, Rhode Island's new investor portal provides insight into the credit fundamentals behind the state's bond ratings. RhodeIslandBonds.com consolidates the State's credit data and documents, providing comprehensive, sortable and searchable financial information to institutional and retail bond investors, as well as credit ratings agencies.
The goal of the new investor portal is to attract more investors to Rhode Island's bond program, increasing the demand for bonds. A broader, more diversified pool of investors can help lower the cost of borrowing for public infrastructure and reduce the burden on Rhode Island taxpayers.
This launch is one in a series of steps that the Treasurer has taken to improve the State's position in the bond marketplace. In 2016, Treasurer Magaziner conducted the state's first competitive sale of tax-exempt bonds in nearly a decade, resulting in $2.7 million of net savings in debt service costs for Rhode Island taxpayers. In 2017, he released the most comprehensive Debt Affordability Study in the State's history, setting new debt affordability targets for the first time since 1999.
PROVIDENCE, RI - For the fifth time in seven months, Rhode Island has set a new jobs record. There are currently 499,300 jobs in Rhode Island and the number of Rhode Islanders working is the highest it's been in a decade, according to data released today by the U.S. Department of Labor's Bureau of Labor Statistics. Governor Gina M. Raimondo released the following statement on the April Jobs Reports:
"This month's jobs report is yet another signal that our economy continues to get stronger, and that our recovery is including more and more Rhode Islanders. Our new approach to job training and economic development is working. Jobs are at an all-time high, we've gone from #49 in the U.S. to #1 in wage growth, and our economy has gone from #36 to ninth best in the nation. Because we didn't give up on Rhode Islanders who make a living making things, we've added 1,200 manufacturing jobs in the last year.
"We need to build on our progress and can't afford to go back to the old way of doing things. Let's keep going, and let's keep working until everyone has the economic security they deserve."
Select highlights from the April Jobs Report follow: • 499,300 total jobs, an all-time high. Rhode Island has set new records for jobs five times in the last seven months. • Rhode Island has added 16,500 jobs since Governor Raimondo took office and 7,200 over the last 12 months. • Manufacturing jobs: +400 compared to March 2018; +1,200 compared to April 2017. There are currently 41,600 manufacturing jobs in Rhode Island - the most since May 2009. • Labor force is up 900 compared to last month and up 5,600 over the last 12 months.
PROVIDENCE, R.I. - The U.S. Department of Education announced today that Potter Burns Elementary School in Pawtucket has been selected as a 2018 Green Ribbon School, and the University of Rhode Island has been selected as a Postsecondary Sustainability Awardee. These awards recognize educational institutions that have reduced their environmental impact, improved the health and wellness of their school environment and provided effective education on sustainability.
Rhode Island Treasurer Seth Magaziner today announced that checks will be mailed to more than 8,000 Rhode Islanders this week under the his new YOUR MONEY program, which automatically reunites Rhode Islanders with their unclaimed property.
"For hard-working Rhode Island families, a little extra cash can make a big difference," said Treasurer Magaziner. "Through the YOUR MONEY initiative, we are now able to efficiently reunite many Rhode Islanders with missing money that is rightfully theirs."
Treasurer Magaziner's YOUR MONEY initiative matches unclaimed property lists with known addresses, which means that for thousands of people, their missing money can be returned to them automatically – with no paperwork required. In the past, every resident had to check the state's online database to see if they have unclaimed property and then submit a claim form.
Seizing an opportunity to save taxpayers millions, General Treasurer Seth Magaziner today announced $7.2 million in savings found by refunding $70 million in state debt to take advantage of more favorable interest rates.
"Rhode Islanders deserve to know that they have an advocate in state government who making sure that public borrowing is done responsibly and affordably," said Treasurer Magaziner. "I created Treasury's Office of Debt Management to make sure we are taking advantage of opportunities to save money and implement responsible borrowing practices throughout the state."
Of the $7.2 million in savings for the state, $3.4 million will be saved in the upcoming fiscal year alone. As the outstanding principal was reduced from $70.4 million to $66.9 million.
PROVIDENCE, R.I. - Building on her commitment to a clean, affordable and reliable energy future, Governor Gina Raimondo announced today that Rhode Island has selected Deepwater Wind, the Rhode Island-based clean energy developer, to construct a new, 400-megawatt offshore wind farm. The Revolution Wind project--more than ten times the size of the Block Island Wind Farm--was selected through a competitive offshore wind procurement process in collaboration with Massachusetts.
S&P says Rhode Island 2017A, B GO bonds assigned 'AA' ratings; other ratings affirmed
Says the 'AA' rating on the series 2017 bonds reflects view of Rhode Island's good incomes on par with the nation
Outlook on all ratings is stable
