Rhode Island

TIA Data

2016 Financial State of Rhode Island (Released 6/15/2017)

 
Rhode Island owes more than it owns
Rhode Island's Taxpayer Burden™ is -$13,600, and received a "D" from TIA
Rhode Island is a Sinkhole State without enough assets to cover its debt
Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped
TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, not just pension debt
Rhode Island only has $4.9 billion of assets available to pay bills totaling $9.9 billion
Because Rhode Island doesn't have enough money to pay its bills, it has a $5.1 billion financial hole. To fill it, each Rhode Island taxpayer would have to send $13,600 to the state
Because of an accounting rule implemented last year, Rhode Island has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $3.2 billion in 2015 to $3.5 billion in 2016.
Despite reporting most of its pension debt, the state is still hiding retiree health care debt. Rhode Island's total hidden debt amounts to $640 million. A new accounting standard will be implemented in two years, and will require states to report this debt on the balance sheet.
The state's financial report was released 176 days after its fiscal year end, which is considered timely according to the 180 day standard
 

Prior Years' TIA Data

2015 Financial State of Rhode Island

2014 Financial State of Rhode Island

2013 Financial State of Rhode Island

Other Resources

Rhode Island Comprehensive Annual Financial Reports

Publishing Entity: Office of Accounts and Control

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