The RIP Map
Rhode Island Pensions
If you thought your state was in trouble take a look at Rhode Island. Here's our proprietary on the ground-intelligence on the truly dismal numbers. Click on the images of Rhode Island's towns and cities below to view information about their finances, people, government, and taxes. The municipalities are colored according to their adjusted funding ratios. The ratio measures how well the towns and cities have financed their pension plans, on a scale from 0% to 100%. On our map, the closer to the color red a town gets, the worse its pension is funded. As you can see, none of Rhode Island's municipalities is colored green. The facts on the ground are terrifying.
Sources and Notes:
Municipal tax rates from the Rhode Island Economic Development Corp:
Rhode Island Economic Development Corporation. "FY 2015 Tax Rates by Class of Property: Rhode Island."
Population statistics from the I Rhodesland Department of Labor and Training: Rhode Island Department of Labor and Training. "Rhode Island City and Town Resident Population Estimates." July 1, 2013 Estimates.
Unemployment rates from the Rhode Island Department of Labor and Training: Rhode Island Department of Labor and Training. Employment Bulletin. December 2014.
Finance totals from the Mercatus Center, George Mason University:
Norcross, E., and B. VanMetre. "Rhode Island's Local Pension Debts." Working paper, Mercatus Center, George Mason University, 2011.
Note about municipal tax rates:
RRE = residential real estate,
COMM = commercial real estate,
PP = personal property,
MV = motor vehicle
* Also, see the RIEDC website for specific notes on towns' tax rates.
Note about population growth:
The population growth number represents the last 10 years of growth for the town.
Note on finance statistics:
The adjusted funding ratio shown is the result of a calculation done by Eileen Norcross and Benjamin VanMetre of the Mercatus Center at George Mason University that divides towns' pension plan assets by the market value of their liabilities.
Mayor or Equivalent:
580 Broad Street
Central Falls, RI 02863
(Per $1k of assessed value)
Adjusted Funding Ratio: 11.90%
2013 Population Est:19,416
10-Year Pop. Growth: 2.4%
Unemployment Rate: 8.2%
Pension Liability: $95,438,000
As of 2-25-2014