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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.