Rhode Island

TIA Data

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

2016 Financial State of Providence (Released 10/5/2017)

 
Rhode Island owes more than it owns and ranks the 34th out of the 50 states.
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 $640 million of retiree health care debt. 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

IN THE NEWS
Providence finances in dire straits

OCTOBER 11, 2017 | GOLOCALPROV (RHODE ISLAND) | by Michael Riley

Repeated decisions by City Officials has left the City of Providence, Rhode Island with a staggering debt burden of $2.2 billion according to Truth in Accounting’s (TIA) analysis of the most recent financial filings.

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