Friday, October 27, 2017

Task force learns how RI could fund billions in school repairs

By Dan McGowan, Reporter
Published: October 23, 2017, 8:32 pm  Updated: October 23, 2017, 10:44 pm

PROVIDENCE, R.I. (WPRI) – Rhode Island could fund billions of dollars in needed public school repairs by moving to a system that funds projects as they happen, placing a general-obligation bond question on next year’s ballot or offering incentives to cities and towns that commit to quickly making infrastructure improvements, General Treasurer Seth Magaziner suggested Monday.

Magaziner, who co-chairs the Rhode Island School Building Task Force, stopped short of making any recommendations during the panel’s second meeting, but he warned there is no amount of “financial wizardry” that will get the state out of spending more than it currently spends if leaders want to commit to making $600 million to $3 billion in school repairs in the coming years.

One thing Magaziner made clear to the group: “Just pouring money into this existing system isn’t going to get us there.”
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