Rhode Island

Rhode Island saved more than $7 million by refinancing $122.9 million of debt, General Treasurer Gina Raimondo said after Monday's bond issue.

Mayor Angel Taveras' $638.4 million budget proposal for distressed Providence, R.I., hinges on two large variables: court or union approval of pension overhaul at the local level and greater contributions in lieu of taxes from nonprofit agencies.

Rhode Island Gov. Lincoln Chafee announced that director of policy Brian M. Daniels has agreed to lead the state’s performance management initiative, working with departments and agencies to encourage data-driven decision making.

Providence dropped retired Supreme Court Justice Robert Flanders as an advisor after he said the capital city was headed to bankruptcy court.

Rhode Island General Treasurer Gina Raimondo is opposing an attempt by Gov. Lincoln Chafee to reduce a $2.6 million taxpayer obligation to the pension fund.

Reeling Providence received another rating downgrade late Monday when Moody's Investors Service lowered the Rhode Island capital's general obligation bond rating one level to Baa1 from A3, affecting $55.6 million of outstanding debt.

Gov. Lincoln Chafee has fired the first shot in the latest battle over pension overhaul in Rhode Island.

Fitch Ratings on Wednesday lowered the general obligation bond rating of Providence, R.I., three notches to BBB from A with a negative outlook, affecting $44.5 million of debt.

Woonsocket, R.I., reeling from yet another downgrade, may not be able to avoid bankruptcy and could run out of cash in April, one lawmaker said Friday.

Some Rhode Island lawmakers have little or no appetite for Gov. Lincoln Chafee’s proposal to raise the meals tax to 10%.

Rhode Island General Treasurer Gina Raimondo scheduled regional meetings designed to educate public employees about how the Rhode Island Retirement Security Act of 2011 will affect their retirement eligibility and pension benefits, as well as extended hours for retirement counselors.

Providence retirees could face a 73% haircut on their pension benefits if Rhode Island’s capital city files for Chapter 9 protection, a bankruptcy expert says.

Great-West Retirement Services and TIAA-Cref are the finalists to administer Rhode Island's new defined contribution pension program by a unanimous vote of the State Investment Commission, General Treasurer Gina Raimondo announced.

Warning that "Providence is in peril," Mayor Angel Taveras repeated his call for retirees to accept pension cuts and tax-exempt institutions to pay more, to keep the city from running out of money by the end of June.

The Rhode Island State Investment Commission this week will hear presentations from the four vendors recommended as semifinalists to administer the state’s new defined-contribution program, according to General Treasurer Gina Raimondo.

A Rhode Island Superior Court judge’s preliminary injunction preventing the state’s capital, Providence, from moving retirees who are 65 and older off the city’s health insurance plan and into Medicare is a credit-negative, said Moody’s Investors Service.

Unlike many of its Rhode Island neighbors, Jamestown “is in good fiscal shape,” an auditing firm told its Town Council.

Providence Mayor Angel Taveras warned that the Rhode Island capital will run out of money in June without a reduction in pension obligations and larger contributions from tax-exempt institutions such as Brown University.

Providence may appeal a Rhode Island Superior Court ruling Monday that for now stops it from switching police and fire retirees to Medicare after they turn 65.

Rhode Island’s cash advance to East Providence is a credit positive for the financially strapped city, according to Moody’s Investors Service.