Rhode Island Fiscal Statistics

StatisNostics/State Financials/Rhode Island

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20122022

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State Revenue Analysis (Rhode Island: 2012–2022)

Population: 1,052,637 → 1,057,125 (0.4% change)

Overall Revenue Trends

Total Revenue▲ 64.7%

$7,692,390,000 (2012)→$12,672,416,000 (2022)

Per Capita Revenue▲ 64%

$7,308 (2012)→$11,988 (2022)

Fund Balances▼ 100%

$8,444,029,000 (2012)→$0 (2022)

Revenue Volatility✓ Low

Avg. fluctuation: 7.2%

Major Tax Revenue

Property Tax▲ 97.4%

$2,095,000 (2012)→$4,135,000 (2022)

Sales Tax▲ 76.8%

$848,547,000 (2012)→$1,499,910,000 (2022)

Utility Revenue

Sewerage Charges▲ 30.8%

$79,540,000 (2012)→$104,033,000 (2022)

Solid Waste Charges▲ 17.8%

$12,615,000 (2012)→$14,863,000 (2022)

Growth Analysis

Fastest Growing Revenue Sources

Elementary Secondary Education Not Elsewhere Classified Charges▲ 2200.0%

$2,000→$46,000

Alcoholic Beverage License Tax▲ 2141.3%

$63,000→$1,412,000

Elementary Secondary Education School Lunch Charges▲ 729.5%

$237,000→$1,966,000

Declining/Slowest Growing Sources

Sale of Property▼ 96.9%

$8,665,000→$265,000

Parimutuels Tax▼ 67.5%

$1,587,000→$515,000

Federal Intergovernmental Other Natural Resources▼ 62.9%

$46,671,000→$17,292,000

Revenue Forecast

Projected Revenue (Next Year)▲ 12%

Estimated: $14,198,480,358

Based on 3-year revenue trend

Revenue Composition

2012 Revenue Breakdown

Individual Income Tax13.9%

Federal Intergovernmental Public Welfare13.5%

Total General Sales Taxes11.0%

Net Lottery Revenue5.0%

Interest Earnings4.9%

All Other Not Elsewhere Classified Charges4.2%

Federal Intergovernmental Education4.2%

Federal Intergovernmental Health & Hospitals4.0%

Higher Education Tuition Charges3.7%

Federal Intergovernmental Other3.7%

Unemployment - Contribution3.3%

Federal Intergovernmental Highways2.9%

Other Selective Sales Taxes2.6%

Other In Trust - Other Contributions2.2%

Miscellaneous General Revenue Not Elsewhere Classified2.0%

Corporation Net Income Tax1.8%

Tobacco Sales Tax1.7%

Higher Education Auxiliary Charges1.3%

Public Utilities Tax1.3%

Insurance Premium Tax1.2%

Motor Fuels Sales Tax1.1%

Sewerage Charges1.0%

Motor Vehicle License0.8%

Air Transportation Charges0.7%

Occupation & Business License Not Elsewhere Classified0.6%

Federal Intergovernmental Other Natural Resources0.6%

Death & Gift Tax0.5%

Local Intergovernmental Other0.5%

Education Other State Charges Not Elsewhere Classified0.5%

Federal Intergovernmental Employment Security Administration0.4%

Transit Utilities Revenue0.4%

Parks & Recreation Charges0.4%

Fines & Forfeits0.4%

Federal Intergovernmental Transit Utilities0.3%

Local Intergovernmental Education0.3%

Natural Resources Not Elsewhere Classified Charges0.3%

Federal Intergovernmental Sewerage0.3%

Toll Highway Charges0.3%

Documentary & Stock Transfer Tax0.2%

Workers Compensation - Other Contributions0.2%

Federal Intergovernmental Housing & Community Development0.2%

Alcoholic Beverage Sales Tax0.2%

Solid Waste Charges0.2%

Federal Intergovernmental Water Utilities0.2%

Sale of Property0.1%

Regular Highway Charges0.1%

Housing & Community Development Charges0.1%

Rents0.1%

Hospital Charges0.1%

Other License Tax0.1%

Donations From Private Sources0.1%

Federal Intergovernmental Air Transportation0.1%

Corporation License Tax0.1%

Motor Vehicle Operators License0.1%

Miscellaneous Commercial Activity Not Elsewhere Classified Charges0.0%

Property Tax0.0%

Hunting & Fishing License0.0%

Parimutuels Tax0.0%

Elementary Secondary Education School Lunch Charges0.0%

Other In Trust - Interest Revenue0.0%

Amusement License Tax0.0%

Alcoholic Beverage License Tax0.0%

Elementary Secondary Education Tuition and Transportation Charges0.0%

Elementary Secondary Education Not Elsewhere Classified Charges0.0%

2022 Revenue Breakdown

Federal Intergovernmental Public Welfare18.7%

Individual Income Tax15.3%

Federal Intergovernmental Health & Hospitals14.3%

Total General Sales Taxes11.8%

Federal Intergovernmental Other3.5%

Higher Education Tuition Charges3.2%

Net Lottery Revenue2.9%

All Other Not Elsewhere Classified Charges2.4%

Federal Intergovernmental Highways2.4%

Corporation Net Income Tax2.3%

Other Selective Sales Taxes2.2%

Federal Intergovernmental Education2.0%

Unemployment - Contribution1.9%

Other In Trust - Other Contributions1.9%

Interest Earnings1.3%

Insurance Premium Tax1.3%

Miscellaneous General Revenue Not Elsewhere Classified1.3%

Tobacco Sales Tax1.2%

Motor Fuels Sales Tax1.1%

Sewerage Charges0.8%

Higher Education Auxiliary Charges0.8%

Public Utilities Tax0.7%

Occupation & Business License Not Elsewhere Classified0.7%

Toll Highway Charges0.6%

Local Intergovernmental Other0.5%

Federal Intergovernmental Sewerage0.4%

Air Transportation Charges0.4%

Other License Tax0.3%

Death & Gift Tax0.3%

Local Intergovernmental Education0.3%

Federal Intergovernmental Air Transportation0.3%

Motor Vehicle License0.3%

Housing & Community Development Charges0.3%

Parks & Recreation Charges0.2%

Federal Intergovernmental Employment Security Administration0.2%

Alcoholic Beverage Sales Tax0.2%

Natural Resources Not Elsewhere Classified Charges0.2%

Documentary & Stock Transfer Tax0.2%

Amusement Tax0.2%

Education Other State Charges Not Elsewhere Classified0.1%

Workers Compensation - Other Contributions0.1%

Transit Utilities Revenue0.1%

Federal Intergovernmental Other Natural Resources0.1%

Fines & Forfeits0.1%

Donations From Private Sources0.1%

Solid Waste Charges0.1%

Regular Highway Charges0.1%

Corporation License Tax0.1%

Motor Vehicle Operators License0.1%

Federal Intergovernmental Housing & Community Development0.1%

Property Tax0.0%

Unemployment - Interest Revenue0.0%

Hospital Charges0.0%

Hunting & Fishing License0.0%

Elementary Secondary Education School Lunch Charges0.0%

Alcoholic Beverage License Tax0.0%

Parimutuels Tax0.0%

Other In Trust - Interest Revenue0.0%

Sale of Property0.0%

Amusement License Tax0.0%

Public Utility License Tax0.0%

Elementary Secondary Education Not Elsewhere Classified Charges0.0%

Federal Intergovernmental General Support0.0%

Key Insights

1Total revenue increased by 64.7% from 2012 to 2022, representing a significant change in the state's financial position.
2Population changed by 0.4%, while per-capita revenue changed by 64.0%.
3The state's fund balances decreased by 100%, suggesting financial challenges or major capital expenditures.

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State Expense Analysis (Rhode Island: 2012 - 2022)

Total Expenditure Trends

Operating Expenditures▲ 232%

$2,526,786,000→$8,391,036,000

Per Capita Spending▲ 231%

$2,400→$7,938

Population Trends

Population Change▲ 0.4%

1,052,637 (2012)→1,057,125 (2022)

⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 76%

$70,509,000 (2012)→$124,365,000 (2022)

Fire Protection▼ 0%

$0 (2012)→$0 (2022)

Infrastructure Expenses

Highways Maintenance▲ 2%

$74,562,000 (2012)→$76,293,000 (2022)

Sewerage Operations▲ 75%

$37,334,000 (2012)→$65,169,000 (2022)

Administrative Expenses

Financial Administration▲ 103%

$103,900,000 (2012)→$211,382,000 (2022)

General Expenses▲ 215%

$99,964,000 (2012)→$315,201,000 (2022)

Rhode Island Key Insights

1Per capita expenditures grew by 231%, indicating substantial service expansion or cost increases not explained by population growth alone
2General expenses increased dramatically by 215%, which may indicate classification changes, new initiatives, or reporting adjustments
3Financial Administration was the fastest growing major expense category at 103% increase

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State Debt Analysis (2012-2022)

Debt Trends

Total Long-Term Debt▲ 52%

$4,000,379,000 (2012)→$6,079,221,000 (2022)

Industrial Revenue Debt▼ 100%

$5,140,487,000 (2012)→$0 (2022)

Per Capita Debt▲ 51%

$3,800 (2012)→$5,751 (2022)

Population Trends

Population Change▲ 0.4%

1,052,637 (2012)→1,057,125 (2022)

⚠️ Per capita debt increased significantly with stable population

Debt Management

Most Recent Year (2022)

Issued:$873,679,000

Retired:$798,448,000

Net Change:+$75,231,000

Debt Retirement Trend

$338,991,000 → $798,448,000▲ 136%

🔄 Significant change in retirement strategy detected

Key Insights

1The sharp increase in unspecified long-term debt suggests major capital projects or financial restructuring.
2The state's debt burden per resident grew substantially while population remained relatively flat.
3There appears to be a significant shift in debt management strategy between 2012-2022, with a move toward higher debt levels.
4New debt issuance significantly increased the per-resident debt burden (up 51%).