Rhode Island

TIA Data

2017 Financial State of Rhode Island (Released 9/25/2018)

 
Rhode Island owes more than it owns.
Rhode Island has a -$14,500 Taxpayer Burden.™
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 $5.2 billion of assets available to pay bills totaling $10.7 billion.
Because Rhode Island doesn't have enough money to pay its bills, it has a $5.5 billion financial hole. To fill it, each Rhode Island taxpayer would have to send $14,500 to the state.
Rhode Island's reported net position is inflated by $512 million, largely because the state defers recognizing losses incurred when the net pension liability increases.
The state is still hiding $620.7 million of its retiree health care debt. A new accounting standard will be implemented in the 2018 fiscal year which will require states to report this debt on the balance sheet.
The state's financial report was released 182 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2016 Financial State of Rhode Island

2015 Financial State of Rhode Island

2014 Financial State of Rhode Island

2013 Financial State of Rhode Island

2016 Financial State of Providence

Other Resources

Rhode Island Comprehensive Annual Financial Reports

Publishing Entity: Office of Accounts and Control

IN THE NEWS
Will bond rating downgrade spark pension reform?

OCTOBER 30, 2018 | CALEDONIAN RECORD (VERMONT) | by Rob Roper

On Oct. 23, Moody’s, the investors credit service, downgraded Vermont’s bond rating from AAA to Aa1. This has significant implications for the state’s ability to borrow money and the cost of doing so.

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