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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
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Research
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
- View All News Stories
Budget timeline: Annual
Fiscal Year starts: July 1
Gov. Lincoln Chafee
State House
Providence, RI 02903-1196
Phone: (401) 222-2080
Fax: (401) 273-5729
http://www.governor.state.ri.us/
Rosemary Booth Gallogly
State Budget Officer
Department of Administration, Budget Office
One Capitol Hill-4th Floor
Providence, RI 02908
Phone (401) 222-6300
Fax (401) 222-6410
http://www.budget.state.ri.us
roseb@budget.state.ri.us
2012 Legislative Calendar: Regular Session convenes January 3 and adjourns mid June.
Legislative Budget Leaders:
Rep. Helio Melo (D), Chair, House Finance Committee, rep-melo@rilin.state.ri.us 401-435-0546
Rep. Raymond E. Gallison Jr. (D), Co-Vice-Chair, House Finance Committee, rep-gallison@rilin.state.ri.us 508-677-4235
Rep. J. Russell Jackson (D), Co-Vice-Chair, House Finance Committee, rep-jackson@rilin.state.ri.us 401-848-7979
Sen. Daniel DaPonte (D), Chair, Senate Finance Committee, sen-daponte@rilin.state.ri.us 401-276-5506
Sen. Walter S. Felag Jr. (D), Co-Vice-Chair, Senate Finance Committee, sen-felag@rilin.state.ri.us 401-245-7521
Sen. Juan M. Pichardo (D), Co-Vice-Chair, Senate Finance Committee, sen-pichardo@rilin.state.ri.us 401-461-2389
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report compiled by the state government, and click here for information on the state's pension liabilities.
Rhode Island is required to pass a "balanced budget." Section 35-3-13 of the State law mandates that no action on the part of the legislature shall be taken which will cause an excess of appropriations for revenue expenditures over estimated revenue receipts. Section 35-3-16 then requires the governor to maintain a balanced budget when actual revenue receipts will not equal actual expenditures. Rhode Island law forbids the carrying over of a deficit from one year to the next.
To facilitate fiscal discipline, Rhode Island law permits appropriations only up to 98% of estimated revenues. In addition, expenditures can only grow by 5.5% from year to year.
The State maintains three major governmental funds: the General Fund, the Intermodal Surface Transportation Fund, and the Grant Anticipated Revenue Vehicle Fund. Nine (8 for FY2005, FY2006) non-major governmental funds are also maintained. Of the three major funds, the following two are budgeted: the General Fund and Intermodal Surface Transportation Fund. Also budgeted is the Rhode Island Temporary Disability Insurance Fund (a non-major Special Revenue fund). Few governmental funds are actually budgeted, but most of the major funds are budgeted which in turn leads to relatively similar budgeted and actual figures (expenditures and revenues). [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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K-12 Education :
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HEADLINES: South Dakota, South Carolina, Rhode Island, Arkansas, Texas, Wyoming
States playing fast and loose with teachers' jobs money
Lawmakers gave cash-strapped states $10 billion last month to save 145,000 teachers' jobs. The funds were meant to reduce classroom crowding and restore programs lost to state budget cuts. But some governors have other ideas for the money, namely using the funds to close their budget shortfalls. Several are planning to reduce state aid to school districts by the amount they receive from the feds. Others are looking to use the money for school construction and improvements.
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HEADLINES: Rhode Island
Diversion of education funds up to Assembly
Governor Carcieri's plan to use $32.9 million in federal education dollars to plug a $38-million budget deficit isn't his decision to make. The General Assembly must approve the rerouting of the money, Carcieri's spokeswoman acknowledged, and the two top legislative leaders were noncommittal about what lawmakers intend to do.
- View All Rhode Island articles
Unions :
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HEADLINES: Rhode Island
R.I. state employees will get 2 raises in 6 months in 2011
While President Obama proposes to freeze the pay of federal employees for the next two years, there is no such effort to freeze the wages of the thousands of state workers who are slated to get a 3-percent across-the-board raise on Jan. 2 and another 3-percent raise in mid-June.
The last across-the-board raise for state workers was 2.5 percent in July 2009. Their next anticipated raise - originally scheduled for July 2010 - was delayed for six months as part of a deal that Governor Carcieri struck with the major state employee unions last fall to save an estimated $36 million over his final 15 months in office.
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OPINION
Taxpayers get crushed when pensions and bonds collide
This all boils down to who gets to pick taxpayers' pockets first, public pensioners or municipal bond investors? More people are waking up to the hard reality that when it comes to state and local government, somebody has to lose money over the next few decades. The National Association of Bond Lawyers is worried enough about it to issue "Considerations" for advising clients who think they're getting safe investments.
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BLOG
COMMENTARY: Municipal, state pension reform message gaining momentum
Despite an organized campaign to stop public pension reform, reality is beginning to break through. One recent report outlines a possible path to long-term solutions and another details the necessity of states and municipalities finding their own way because federal bailout is impossible. And Chicago Mayor Rahm Emanuel released a plan that could have been based on both reports.
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
-
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
-
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
- View All Pensions
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OPINION: Pensions
Taxpayers get crushed when pensions and bonds collide
This all boils down to who gets to pick taxpayers' pockets first, public pensioners or municipal bond investors? More people are waking up to the hard reality that when it comes to state and local government, somebody has to lose money over the next few decades. The National Association of Bond Lawyers is worried enough about it to issue "Considerations" for advising clients who think they're getting safe investments.
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BLOG: Pensions
COMMENTARY: Municipal, state pension reform message gaining momentum
Despite an organized campaign to stop public pension reform, reality is beginning to break through. One recent report outlines a possible path to long-term solutions and another details the necessity of states and municipalities finding their own way because federal bailout is impossible. And Chicago Mayor Rahm Emanuel released a plan that could have been based on both reports.
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
- View All Blog & Opinions
