Press Releases

9-28-18 - Rhode Island Pension Fund Continues to Deliver Strong Returns in August

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."


9-22-18 - Rhode Island Pension Fund Issues Report on 2018 Actions to Strengthen Corporate Accountability

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.


9-21-18 - August 2018 Revenue Assessment Report now available

(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.


9-17-18 - Attorney General Kilmartin Urges Congress to Support Funding Under the Violence Against Women Act

Rhode Island Attorney General Peter F. Kilmartin today joined 55 other state and territory attorneys general to in a letter to congressional leaders and the chairs of the Senate and House Judiciary Committees urging lawmakers to reauthorize the Violence Against Women Act (VAWA).

"Since the enactment of VAWA in 1994, domestic violence and sexual assault have come out of the shadows and been subjected to the bright light of the justice system, advocacy groups and legislative efforts. Much progress has been made, but a great deal of work still needs to be done," said Attorney General Kilmartin. "I urge Congress to reauthorize VAWA to allow these efforts at combating such violence to continue without interruption."


9-17-18 - State of Rhode Island Awards Federal Grant Money to Nonprofits

The Rhode Island Emergency Management Agency (RIEMA) is proud to announce the awarding of $128,000 in federal grant money under the FY2018 Department of Homeland Security Non-profit Security Grant Program (NSGP) to five non-profit organizations in the state. NSGP seeks to integrate the preparedness activities of non-profit organizations that are at high risk of a terrorist attack with broader state and local preparedness efforts.


9-14-18 - June 2018 Revenue Assessment Report now available

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.


9-10-18 - FY18 general revenues rose 3.8% when compared with FY17

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.


8-30-18 - FY2018 Monthly Revenue Assessment Report for July 2018

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.


8-29-18 - Rhode Island Pension System receives national recognition for quality of financial reporting

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.


8-23-18 - Governor Raimondo, Lieutenant Governor McKee Call on National Grid to Return $8 Million to Ratepayers

PROVIDENCE, RI- Governor Raimondo and Lieutenant Governor McKee are calling on National Grid to return to ratepayers $7.9 million of over-collections made after Congress passed a massive corporate tax cut. After Congress passed the 2017 Tax Cuts and Jobs Act, National Grid's federal corporate tax rate was reduced from 35 percent to 21 percent.


8-23-18 - Pension Fund earns $125 million in July, outperforms benchmark

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.


8-16-18 - Fourth Straight Record-Breaking Month: Rhode Island Adds Another 1,200 Jobs, Unemployment Lowest Since 2000

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.


8-3-18 - Raimondo Releases Clean Energy Industry Report, Announces 72 Percent Growth in Green 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


7-27-18 - R.I. Department of Revenue releases March 2018 state hotel tax report

Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 State 5.0 Percent Hotel Tax Collections Report for February 2018. The State 5.0 Percent Hotel Tax Allocation Report, which is issued on a monthly basis, compares the collections from the state's 5.0 percent hotel tax on a year-over-year, and fiscal year-to-date over fiscal year-to-date basis. The state 5.0 percent hotel tax is collected on the rental of rooms in the state and distributed based on the formula contained in Rhode Island General Law Chapter 44-63.1 entitled "Tourism and Development."


7-26-18 - R.I. Department of Revenue releases February hotel tax report

Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 State 5.0 Percent Hotel Tax Collections Report for February 2018. The State 5.0 Percent Hotel Tax Allocation Report, which is issued on a monthly basis, compares the collections from the state's 5.0 percent hotel tax on a year-over-year, and fiscal year-to-date over fiscal year-to-date basis. The state 5.0 percent hotel tax is collected on the rental of rooms in the state and distributed based on the formula contained in Rhode Island General Law Chapter 44-63.1 entitled "Tourism and Development."


7-25-18 - Raimondo Administration Receives $4 Million Job Training for Rhode Islanders in Recovery

PROVIDENCE, RI - Governor Gina M. Raimondo announced today that Rhode Island will receive $4 million from the U.S. Department of Labor to support job training for Rhode Islanders in recovery. With this grant, Governor Raimondo is keeping the promise she made in her State of the State address earlier this year to create a new job training program for people in recovery. With these grant funds, the State will also prioritize training for skilled healthcare professionals who are helping Rhode Islanders in need access treatment and recovery services. Rhode Island is one of just six states to receive funding through this grant.


7-23-18 - Pension fund posts 8.03% return in Fiscal Year 2018 beating target and benchmarks

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.


7-17-18 - Treasurer Magaziner, St. Joseph's Hospital retirees call for church pension plan transparency

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.


6-28-28 - Maximum Weekly Benefit Amounts for Unemployment and Temporary Disability Insurance to Increase Beginning July 1, 2018

Cranston, RI – Today, the Department of Labor and Training announced new maximum weekly benefit amounts for the two biggest income support programs it runs for Rhode Island workers and employers – Unemployment Insurance (UI) and Temporary Disability Insurance (TDI).


6-28-18 - R.I. Department of Revenue releases monthly revenue report for May 2018

Providence, R.I. -- The Rhode Island Department of Revenue (DOR) today released its FY 2018 Revenue Assessment Report for May 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 adopted at the May 2018 Revenue Estimating Conference (REC). The methodology underlying the Office of Revenue Analysis' estimates is contained in the report.


6/5/18 - Personal income tax collections rise 8.1% from FY17 through April

Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 Cash Collections Report for April 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.


6/4/18 - R.I. Department of Revenue releases February 2018 local hotel tax report

Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 Local 1.0 Percent Hotel Tax Collections Report for February 2018. The Local 1.0 Percent Hotel Tax Collections Report, which is issued on a monthly basis, compares the collections from the state's local 1.0 percent hotel tax on a month-to-month, year-over-year, and fiscal year-to-date over fiscal year-to-date basis. The local 1.0 percent hotel tax is collected on the rental of rooms in the state and remitted, in full, to the municipality in which the room rental was located.


5/31/18 - RIDOH Awards Grants for Projects to Address Public Health and Climate Change

The Rhode Island Department of Health (RIDOH) has awarded $42,000 in grants to 10 local groups to work on projects related to climate change education and community resilience, all aimed at helping communities prepare for, respond to, and recover from the adverse health effects of climate change.

The grants will fund 10 projects across the state. The work of the awardees will focus on various communities, including the Cape Verdean community, people who are incarcerated, young people, senior citizens, and residents more vulnerable to heat and flooding.


5/31/18 - Raimondo, Deepwater Wind Announce 800+ Jobs

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


5/30/18 - Raimondo, DEM, Partners Announce Over $210,000 In Grants To Local Food Businesses

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."


5/25/18 - Raimondo, DEM To Mark Growth Of Green Economy With 17th Annual Agriculture Day Next Week

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.


5/24/18 - After years-long fight, Treasurer Magaziner takes nation's largest student loan servicing company to task

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.


5/23/18 - Pension Fund earns $55.4 million in April, outperforms benchmarks

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.


5/23/18 - Rhode Island and Massachusetts Announce Largest Procurement of Offshore Wind in Nation's History

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.


5/22/18 - RIDOT Reopening Bridge, Closing Another in East Providence

The Rhode Island Department of Transportation (RIDOT) today announced the next phase of a multi-bridge project in East Providence with the reopening of the Potter Street Bridge on Tuesday, May 29. The bridge was closed in mid-March for concrete repairs, bridge joint work and resurfacing.

The project involves work on three bridges over I-195 that are close to one another, each serving local traffic in the neighborhoods north and south of the highway corridor. RIDOT's project will address all three bridges, but always keep two out of the three bridges open at all times to minimize disruption for traffic using either of the other two bridges as a detour.


5/22/18 - Four companies. Thousands of jobs. $800 million of private development

Food processing company moving to Rhode Island. Will build new $100 million facility, create 700 food manufacturing jobs, support 400+ construction jobs; Quonset infrastructure investments support 1,300 manufacturing jobs and hundreds of jobs for Building Trades;

Maritime manufacturer iXblue moving to Rhode Island from Massachusetts; (add)ventures expands in Rhode Island

PROVIDENCE, RI- Governor Gina M. Raimondo chaired a busy meeting of the Commerce Corporation today and made a major jobs announcement representing new opportunities for Rhode Islanders at all skill levels. In all, partnerships were approved with four companies bringing a total of more than 2,000 permanent jobs, $800 million in private development and more than 1,000 construction jobs to Rhode Island. Over 15 years, these four projects will add $118 million in new net revenue to the state.


5/17/18 - State Government Press Releases Rhode Island Breaks Jobs Record Again

State adds 900 jobs in April; Most manufacturing jobs in nearly a decade

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.


5/17/18 - Treasurer Magaziner Launches New Portal for Bond Investors

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.


5/17/18 - RIDOT Buys Specialized Trucks to Increase Bridge Maintenance Capabilities

The Rhode Island Department of Transportation (RIDOT) today unveiled a new vehicle that will greatly increase the Department's ability to maintain its bridges with regular cleanings to remove road salts, sand and other debris.

RIDOT purchased a fleet of six of these tanker trucks, which are outfitted with a series of high pressure water nozzles that allow the operator to clean the sides and deck of a bridge in a moving operation, generally at 5-10 mph. On average, the trucks are capable of cleaning five to six bridges a day, depending on their size. They also will significantly reduce the time needed to close a travel lane for maintenance.


5/16/18 Raimondo Congratulates Potter Burns, University of Rhode Island on National Environmental Efficiency Recognition

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.


5/16/18 - Advisory Opinion 18-02 Open Meetings Agenda Posting

The Rhode Island Secretary of State sought guidance as to whether using an electronic kiosk to post Open Meetings Act information was proper. We concluded that the proposed electronic kiosk that is physically present outside the State Library complies with R.I. Gen. Laws § 42-46-6(c). We also found that the OMA did not prohibit the electronic kiosk from linking to the Secretary of State's website.


5/15/18 - Governor Announces Recipients Of Farm Energy Grants

Farms in Foster, Little Compton, and Smithfield will use $54,000 in funding for renewable energy investments to "green" their operations and save money

PROVIDENCE – The Rhode Island Department of Environmental Management (DEM), in partnership with the Rhode Island Office of Energy Resources and the Rhode Island Resource Conservation & Development Area Council, today announced $54,634 in grants to help farmers "green" their operations and save energy and money. The awards, funded through the Rhode Island Farm Energy Program (RIFEP), will support solar and energy efficiency projects at three local farms across the state.

"By reducing energy costs, these grants will help Rhode Island farming families keep farming and grow their businesses," said Governor Gina Raimondo. "Our commitment to investing in clean energy will help create jobs and protect the beauty of our state for generations. This is a win for Rhode Island farmers and for all Rhode Islanders."


5/14/18 - January 2018 Hotel Tax Report now available

Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 State 5.0 Percent Hotel Tax Collections Report for January 2018. The State 5.0 Percent Hotel Tax Allocation Report, which is issued on a monthly basis, compares the collections from the state's 5.0 percent hotel tax on a year-over-year, and fiscal year-to-date over fiscal year-to-date basis. The state 5.0 percent hotel tax is collected on the rental of rooms in the state and distributed based on the formula contained in Rhode Island General Law Chapter 44-63.1 entitled "Tourism and Development."

Expansion of the State 5.0 Percent Hotel Tax Base The January 2018 report includes the state 5.0 percent hotel tax collections generated by the rental of lodging via hosting platforms and by on-line travel companies (room resellers) for all municipalities, except the City of Newport, for the period of July through September 2016 and July 2017 through January 2018. In March 2017, the Division of Taxation distributed state hotel tax collections from room resellers and hosting platforms rental activity that occurred between October 2016 and January 2017, inclusive. These figures are included in the year-over-year and fiscal year-to-date over fiscal year-to-date collections for FY 2017. Thus, collections for January 2017 are likely overstated


5/14/18 - Secretary of State Gorbea releases Help America Vote Act (HAVA) funding recommendations

PROVIDENCE, RI – Secretary of State Nellie M. Gorbea today presented her recommendations on how to best protect the security of elections in Rhode Island with the $3 million of Help America Vote Act (HAVA) funding allocated to the state. The Consolidated Appropriations Act of 2018 allocated $380 million nationwide to use towards election security. Secretary Gorbea serves as the state's Chief Elections Official under HAVA and her recommendations come after convening a Task Force to discuss best practices in cybersecurity and elections administration in Rhode Island. The recommendations will be presented to Governor Raimondo and the General Assembly for review and inclusion in the FY19 state budget. The project initiatives will also be provided to the US Election Assistance Commission (EAC).

"As Secretary of State, I have been working to improve access to the ballot box, while protecting the integrity of every vote," Gorbea said. "After a robust conversation with a diverse group of stakeholders, I'm confident these recommendations will help us further strengthen the security of elections in Rhode Island. I look forward to working with Governor Raimondo and the General Assembly on implementing these recommendations over the next few months."


5/14/18 - 8,000 Rhode Islanders with To Be Reunited With $1.3 Million Under Treasurer Magaziner's YOUR MONEY Program

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.

Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 Local 1.0 Percent Hotel Tax Collections Report for March 2018. The Local 1.0 Percent Hotel Tax Collections Report, which is issued on a monthly basis, compares the collections from the state's local 1.0 percent hotel tax on a month-to-month, year-over-year, and fiscal year-to-date over fiscal year-to-date basis. The local 1.0 percent hotel tax is collected on the rental of rooms in the state and remitted, in full, to the municipality in which the room rental was located.

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.

  • 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

Rhode Island voters will be asked to approve five bond measures totaling $227.5 million in the Nov. 8 election.

The ballot questions ask voters to allow the state to issue general obligation bonds to improve seaports in Providence and at Quonset Point; build affordable housing, university buildings and a new veteran’s home; and expand recreational areas.

The state estimates the total cost of the bonds after two decades of interest will be nearly $365 million. All of the measures are backed by Democratic Gov. Gina Raimondo, who has described them as vital to improving the state’s economy and quality of life. None have organized opposition, though some have vocal opponents.

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