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New: Raimondo Issues ‘State of the Treasury’ Mid-term Report

Monday, January 28, 2013


While many political experts are looking to the future for Gina Raimondo and wondering whether or not she’ll soon commit to a run for governor in 2014, the fast-rising state official took the time today to remind everyone what she and her department are up to now, in the present, in her role as Rhode Island’s General Treasurer.

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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I wish she had mentioned her strong support for improving Financial Literacy. Every Rhode Islander has to be concerned about the quality of education we are giving our children. We are the only state in the United States not to have economics as part of our core curricula. Is it any wonder we are such a mess financially? Rhode Island students should be required to pass a test showing that they can handle the basic financial requirements of young adults as they move on to work or higher education. This is our responsibility as Rhode Islanders and its shameful that we haven't done anything about helping our young people cope with capitalism and the free market.

Comment #1 by michael riley on 2013 01 28

RI being last place in just about everything except number one in unemployment and union membership is easy to make adjustments that can have a positive impact. One person of branch will not turn the tide in RI. It's going out and leaving the tax payers that are left with nothing but more taxes.
All is lost in RI no matter what you say.

Comment #2 by Gary Arnold on 2013 01 29

the big picture.

she compeltely ravaged the life and retirement plans of thousands of state and municipal employees.

and as part of the deal walked away from the municipal plans. and protected the state police and judges.

and supported david cicclini....

much more of a politician than she wants everyone to think.

Comment #3 by jon paycheck on 2013 01 29

a few more issues regarding retirement

1- it is virtually impossible to calculate your retirement on your own. there are only very general guidleines.

2- the spreadsheet that was set up by treasury to calculate your own retirement has been down for weeks for "testing"

3- you cant even get an appointment to determine the effect on your retirement unless you have committed to retiring.

Comment #4 by jon paycheck on 2013 01 29

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