PROVIDENCE, R.I. (AP) – A state study has found that Rhode Island’s $21 billion in total public sector debt and other financial liabilities generally falls within acceptable levels.
The Providence Journal reports that the state’s Public Finance Management Board conducted the Rhode Island Debt Affordability Study.
According to the management board, the state’s debt and pension liabilities are somewhat higher than national medians, but are manageable and have trended downward in recent decades.
The debt burden among individual municipalities varies greatly.
Six municipalities exceeded the recommended 9.2% overall debt liability to assessed value limit including Woonsocket, Providence, Pawtucket, Johnston, West Warwick and Central Falls. Woonsocket, Providence and Pawtucket all have a debt to assessed value ratio of more than 25%.
The board included pensions and other post-employment benefits for the first time in their calculations.
