State re-fi saves taxpayers 6,000,000

Also cuts the state’s deficit

Rhode Island General Treasurer Seth Magaziner announced that the State of Rhode Island has closed a transition to refinance state bonds at a lower interest rate, saving Rhode Island taxpayers over six million dollars. 

The transaction will put cash directly back into the state’s coffers, reducing the state budget deficit for FY2021.

 

“My top priority as Treasurer is to provide strong financial management for Rhode Island and keep the state’s finances steady despite the COVID-19 pandemic. By refinancing our state bonds, we will take advantage of historically low interest rates and reduce this year’s budget deficit by six million dollars. This is a win-win for the state and all Rhode Island taxpayers,” said Rhode Island General Treasurer Seth Magaziner.

This is the fifth time Treasurer Magaziner has achieved savings through bond refinancing since taking office in 2015. This move will allow the state of Rhode Island to apply the six million dollars against the FY2021 budget deficit, saving Rhode Island taxpayers money in the long-run. Treasurer Magaziner is committed to managing the state finances with a steady hand and taking steps to reduce the state budget deficit.