Rhode Island Treasury's 2017 Annual Report
Rhode Island General Treasurer Seth Magaziner’s 2017 Annual Report highlights the progress his office made during the year toward improving the state’s economy, strengthening its pension system and finding ways to put Treasury’s resources to work for Rhode Islanders.
2017 saw the implementation of a number of new efforts to better serve the people of Rhode Island, including programs to support small business lending, return millions of dollars in unclaimed property to Rhode Islanders automatically, and efforts to strengthen the state’s retirement system.
In its first full year, Treasurer Magaziner’s ‘Back to Basics’ investment strategy, which included exiting more than $500 million from hedge funds, the state’s pension fund earned more than $1.09 billion and grew to a decade-high $8.42 billion by December 31, 2017.
More than 35,000 Rhode Islanders were reunited with their missing money in 2017, thanks to Treasurer Magaziner’s innovative new program, YOUR MONEY, which automatically reunites Rhode Islanders with their missing cash and property.
Treasurer Magaziner also launched the BankLocal initiative in 2017, which moves the state’s cash accounts to local banks and credit unions when they lend to small businesses here in Rhode Island. More than 200 small businesses have gotten BankLocal-matched loans to grow and add jobs, and more than $20 million of state deposits have been moved back to Rhode Island lending institutions.
Additionally, Treasurer Magaziner served as co-chair of the Rhode Island School Building Task Force, which was established in 2017 by Governor Raimondo to address the disrepair of school buildings in every district in the state. Along with co-Chair Education Commissioner Ken Wagner, the Task Force developed a set of recommendation to make a once-in-a-generation investment in Rhode Island’s public schools over the coming decade, beginning with a $250 million statewide bond referendum which has been proposed for November 2018.
Treasury’s 2017 Annual Report also addresses Treasurer Magaziner’ work to improve financial literacy, build a stronger retirement system, create jobs through green infrastructure projects, advocate for responsible corporate behavior, help Rhode Islanders save for college, support victims of violent crime, and support a stronger economy for every Rhode Islander.