New: Raimondo Issues ‘State of the Treasury’ Mid-term Report
Monday, January 28, 2013
Raimondo issued a State of the Treasury report today, highlighting some of her accomplishments since she took office in 2011.
"Government touches our lives every day and so must be part of the solution to building a stronger Rhode Island," Raimondo said. "Treasury is focused on making government work for Rhode Islanders and looking for new ways to solve problems."
The report was divided into three sections: Investing in the Future, Operational Excellence and Retirement Security.
Raimondo says some of the biggest highlights at the midpoint of her term are the comprehensive pension reform package that her office estimates will save taxpayers about $4 billion over the next 20 years, the estimated $1 billion in savings pension reform at the municipal level is expected to save, about $7 million in interest saved thanks to “a successful bond refinancing” and a total of $750,000 the department has saved by moving to a state-owned building and by changing the pension fund’s custodial banking.
Raimondo also highlighted what she called “operational improvements" which include the changes to the pension reform system, the shortening the process of unclaimed property from an average of six-eight weeks to one week and the elimination of a 900-case backlog in the crime victim compensation program.
In addition, Raimondo pointed to the launch of a number of department-wide initiatives that she says will improve the performance at state and local levels.
"Treasury will push for results and is committed to building opportunities for all Rhode Islanders to succeed," Raimondo said. "We will continue to look to deliver outcomes by acting with urgency, searching for innovative solutions, streamlining work and building partnerships, locally and nationally."
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