Strengthing Oversight of Public Debt
The Rhode Island Public Finance Management Board (PFMB) is a nine-member volunteer body that is chaired by Treasurer Magaziner.
With a goal of promoting transparency in government and improving the financial health of municipal entities and quasi-public corporations in Rhode Island, the PFMB provides debt-related information which can be used to determine the feasibility of issuing bonds. The information provided by the PFMB may also be used by investors to more easily evaluate the credit characteristics of each bond offering, and its issuing entity.
At the request of Treasurer Magaziner, the General Assembly in 2016 enacted new legislation to create Office of Debt Management to strengthen the oversight of the issuance and management of public debt in Rhode Island.
In December 2021, Treasurer Magaziner released a Debt Affordability Study, the third to be released since he led reforms to the state's debt management practices. The findings and guidance provided in this study are a part of the ongoing work of the Public Finance Management Board, chaired by Treasurer Magaziner, to provide information that can help Rhode Island communities effectively manage their debt.
Previous iterations of the Rhode Island Debt Affordability Study received national recognition for being among the most comprehensive studies of its kind ever conducted by a state. The 2019 edition of the study went further, by making Rhode Island the first state to formally incorporate OPEB (Other Post-Employment Benefits) into its affordability recommendations.