Treasurer releases review of public debt in Rhode Island
PROVIDENCE, R.I. (AP) — Rhode Island’s treasurer has released a review of public debt in the state.
Seth Magaziner released the 2019 Rhode Island Debt Affordability Study on Friday. It provides information on the debt, pension and post-employment liabilities of the state, municipalities and quasi-public agencies of Rhode Island.
Magaziner says the liabilities of the state and most municipalities are generally within acceptable levels. The state had $1.86 billion of tax-supported debt outstanding as of June 30, 2018, and another $3.38 billion liability connected to its four pension programs.
He says the total liabilities of seven municipalities exceed recommended limits and warrant heightened attention from policymakers in Central Falls, Johnston, Pawtucket, Providence, Warwick, West Warwick and Woonsocket.
Magaziner released a similar study two years ago and has implemented reforms to the state’s debt-management practices.