PROVIDENCE – State coffers will see an injection of $6 million thanks to bond refinancing announced by R.I. Treasurer Seth Magaziner on March 2.
The refinancing of state bonds at lower interest rates will help to offset what was originally projected as a deficit for the fiscal 2021 budget, although the latest report from the R.I. Office of Management & Budget estimated a year-end $44 million surplus.
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The latest refinancing is the fifth time the state has saved money through refinancing bonds since Magaziner took office in 2015, according to a news release.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
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