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  • Treasurer Magaziner Discusses Rhode Island Finances and Economy with the Chamber

    Treasurer Magaziner Discusses Rhode Island Finances and Economy with the Chamber

    This afternoon, Chamber President Laurie White discussed the state's investment strategies, pension fund, school construction, budget, federal aid, unemployment insurance, the rainy day fund and more related to Rhode Island's finances and economy with General Treasurer Seth Magaziner.


    Some highlights include:
    • Given the ability of the state to secure $300M in lines of credit early on in the COVID-19 crisis, cash flow issues have now stabilized, but the budget deficit is looming. Rhode Island only has $10M drawn on its lines of credit at this time. 
    • Without federal assistance, states could see catastrophic budget scenarios.
    • Treasurer Magaziner advises businesses and individuals to check if their businesses may have unclaimed money they can receive from findrimoney.com, including the Chamber!
    • Rhode Island's pension fund has performed better than 95% of the nation's pensions due to the state's Crisis Protection Strategy implemented in 2016. Overall losses have been limited to the single digits. 
    • Although they had a healthy cushion to begin with, the UI and TDI funds are being heavily utilized. Federal aid may be needed to bolster those funds over the long-term.
    • Asked about the bond issues slated to be up for vote this year, Treasurer Magaziner said we should continue to invest in projects that have positive economic impacts noting historically low interest rates.
    • Most school districts continue to move forward with school construction and repair projects.
    • Consumer confidence is key to economic reopening and recovery.
    Missed any of our previous interviews or virtual events? 

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