Rhode Island Fiscal Statistics

StatisNostics/State Financials/Rhode Island

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20122023

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State Revenue Analysis (Rhode Island: 2012–2023)

Population: 1,052,637 → 1,095,610 (4.1% change)

Overall Revenue Trends

Total Revenue▲ 67.3%

$7,692,390,000 (2012)→$12,870,108,000 (2023)

Per Capita Revenue▲ 60.7%

$7,308 (2012)→$11,747 (2023)

Fund Balances▼ 100%

$8,444,029,000 (2012)→$0 (2023)

Revenue Volatility✓ Low

Avg. fluctuation: 6.6%

Major Tax Revenue

Property Tax▲ 127.4%

$2,095,000 (2012)→$4,763,000 (2023)

Sales Tax▲ 83.9%

$848,547,000 (2012)→$1,560,600,000 (2023)

Utility Revenue

Sewerage Charges▲ 32.8%

$79,540,000 (2012)→$105,646,000 (2023)

Solid Waste Charges▼ 35.4%

$12,615,000 (2012)→$8,143,000 (2023)

Growth Analysis

Fastest Growing Revenue Sources

Elementary Secondary Education Not Elsewhere Classified Charges▲ 28350.0%

$2,000→$569,000

Other In Trust - Interest Revenue▲ 2160.4%

$144,000→$3,255,000

Alcoholic Beverage License Tax▲ 2055.6%

$63,000→$1,358,000

Declining/Slowest Growing Sources

Sale of Property▼ 98.2%

$8,665,000→$160,000

Federal Intergovernmental Other Natural Resources▼ 57.7%

$46,671,000→$19,729,000

Hospital Charges▼ 54.0%

$7,166,000→$3,296,000

Revenue Forecast

Projected Revenue (Next Year)▼ 1.2%

Estimated: $12,721,465,489

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%

2023 Revenue Breakdown

Federal Intergovernmental Public Welfare18.8%

Federal Intergovernmental Health & Hospitals12.6%

Individual Income Tax12.5%

Total General Sales Taxes12.1%

Interest Earnings3.9%

Other Selective Sales Taxes3.5%

Net Lottery Revenue3.1%

Federal Intergovernmental Highways3.1%

Higher Education Tuition Charges3.0%

Federal Intergovernmental Other2.7%

Unemployment - Contribution2.7%

All Other Not Elsewhere Classified Charges2.2%

Federal Intergovernmental Education2.1%

Corporation Net Income Tax2.0%

Other In Trust - Other Contributions1.9%

Miscellaneous General Revenue Not Elsewhere Classified1.2%

Insurance Premium Tax1.2%

Motor Fuels Sales Tax1.1%

Tobacco Sales Tax1.0%

Sewerage Charges0.8%

Higher Education Auxiliary Charges0.8%

Public Utilities Tax0.8%

Occupation & Business License Not Elsewhere Classified0.7%

Death & Gift Tax0.6%

Local Intergovernmental Other0.5%

Toll Highway Charges0.5%

Air Transportation Charges0.5%

Federal Intergovernmental Sewerage0.4%

Local Intergovernmental Education0.4%

Parks & Recreation Charges0.3%

Other License Tax0.3%

Motor Vehicle License0.3%

Housing & Community Development Charges0.2%

Transit Utilities Revenue0.2%

Federal Intergovernmental Employment Security Administration0.2%

Natural Resources Not Elsewhere Classified Charges0.2%

Alcoholic Beverage Sales Tax0.2%

Education Other State Charges Not Elsewhere Classified0.2%

Federal Intergovernmental Air Transportation0.2%

Federal Intergovernmental Other Natural Resources0.2%

Donations From Private Sources0.1%

Workers Compensation - Other Contributions0.1%

Documentary & Stock Transfer Tax0.1%

Fines & Forfeits0.1%

Regular Highway Charges0.1%

Motor Vehicle Operators License0.1%

Solid Waste Charges0.1%

Corporation License Tax0.1%

Federal Intergovernmental Housing & Community Development0.1%

Unemployment - Interest Revenue0.1%

Property Tax0.0%

Hospital Charges0.0%

Other In Trust - Interest Revenue0.0%

Hunting & Fishing License0.0%

Alcoholic Beverage License Tax0.0%

Elementary Secondary Education School Lunch Charges0.0%

Public Utility License Tax0.0%

Elementary Secondary Education Not Elsewhere Classified Charges0.0%

Amusement License Tax0.0%

Sale of Property0.0%

Federal Intergovernmental General Support0.0%

Key Insights

1Total revenue increased by 67.3% from 2012 to 2023, representing a significant change in the state's financial position.
2Population changed by 4.1%, while per-capita revenue changed by 60.7%.
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 - 2023)

Total Expenditure Trends

Operating Expenditures▲ 235%

$2,526,786,000→$8,454,797,000

Per Capita Spending▲ 221%

$2,400→$7,717

Population Trends

Population Change▲ 4.1%

1,052,637 (2012)→1,095,610 (2023)

⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 84%

$70,509,000 (2012)→$129,571,000 (2023)

Fire Protection▼ 0%

$0 (2012)→$0 (2023)

Infrastructure Expenses

Highways Maintenance▲ 17%

$74,562,000 (2012)→$86,983,000 (2023)

Sewerage Operations▲ 84%

$37,334,000 (2012)→$68,561,000 (2023)

Administrative Expenses

Financial Administration▲ 111%

$103,900,000 (2012)→$219,103,000 (2023)

General Expenses▲ 120%

$99,964,000 (2012)→$219,480,000 (2023)

Rhode Island Key Insights

1Per capita expenditures grew by 221%, indicating substantial service expansion or cost increases not explained by population growth alone
2General expenses increased dramatically by 120%, which may indicate classification changes, new initiatives, or reporting adjustments
3Financial Administration was the fastest growing major expense category at 111% increase

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State Debt Analysis (2012-2023)

Debt Trends

Total Long-Term Debt▲ 159%

$4,000,379,000 (2012)→$10,362,053,000 (2023)

Industrial Revenue Debt▼ 100%

$5,140,487,000 (2012)→$0 (2023)

Per Capita Debt▲ 149%

$3,800 (2012)→$9,458 (2023)

Population Trends

Population Change▲ 4.1%

1,052,637 (2012)→1,095,610 (2023)

Debt Management

Most Recent Year (2023)

Issued:$1,703,138,000

Retired:$1,361,471,000

Net Change:+$341,667,000

Debt Retirement Trend

$338,991,000 → $1,361,471,000▲ 302%

🔄 Significant change in retirement strategy detected

Key Insights

1The sharp increase in unspecified long-term debt suggests major capital projects or financial restructuring.
2There appears to be a significant shift in debt management strategy between 2012-2023, with a move toward higher debt levels.
3New debt issuance significantly increased the per-resident debt burden (up 149%).