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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.