PROVIDENCE – Seven Rhode Island cities and towns have debt and pension liabilities in excess of recommended limits, warranting heightened attention from officials in those communities, according to a new state report.
The 2019 Rhode Island Debt Affordability Study by state General Treasurer Seth Magaziner found that liabilities of state agencies and most Rhode Island municipalities are generally within acceptable levels.
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The municipalities deemed as having excessive liabilities in at least one of four categories were Central Falls (two categories), Johnston (two categories), Pawtucket (one category), Providence (three categories), Warwick (one category), West Warwick (one category), and Woonsocket (three categories).
The 135-page report provides comprehensive information on the debt, pension, and post-employment liabilities of state, municipal, and quasi-public agencies in Rhode Island.
“Rhode Island must continue its commitment to make critical investments in infrastructure projects that create good jobs that protect the health and wellness of our residents,” Magaziner said in a statement. “We must also ensure that we borrow within our means.”
The study is the second to be released since Magaziner led reforms to the state’s debt management practices, his office said. The first study was released in 2017.
The new study goes further by making Rhode Island the first state to formally incorporate other post-employment benefits into its affordability recommendations.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com
