(Wall Street Journal) Standing before hundreds of state employees at a union meeting in late May, Gina Raimondo warned that Rhode Island’s pension system could run out of money unless big cutbacks are made. Then something unusual happened. The workers loudly applauded the 40-year-old Ms. Raimondo, who was elected in November to oversee Rhode Island’s [...]
Each Rhode Island taxpayer’s financial burden equals $14,300. Read report here: 2009 Rhode Island Financial State of the State Share and Enjoy:
(Providence Business News) Despite recent economic woes, the Rhode Island state budget reported a surplus of $17.7 million in its general fund, according to the preliminary fiscal year figures posted by Controller Marc Leonetti on Wednesday. The Ocean State began the year with a $62.9 million budget deficit and managed to swing into the black through [...]
(Providence Business News) The House of Representatives has approved a plan to close Rhode Island’s $220 million budget shortfall for the fiscal year that ends June 30 by reducing state aid to cities and towns, cutting public-employee pensions and borrowing from the rainy day fund. After hours of debate, the House voted 56-15 early Wednesday [...]
(The Economist) After markets took a dive during the financial crisis, pension funding ratios (the ratio of assets to liabilities) fell. Plans generally have several years to make up their loses, by increasing contributions, to restore balances to meet the required funding ratio. But instead of just upping contributions, some state pension plans are also [...]
Rhode Island Controller’s website: http://controller.admin.ri.gov Rhode Island’s Comprehensive Annual Financial Reports can be found at: http://controller.admin.ri.gov/Financial%20Reports/index.php Rhode Island is required to pass a “balanced budget”. Section 35-3-13 of the State law mandates that no action on the part of the legislature shall be taken which will cause an excess of appropriations for revenue expenditures over [...]
