Workshop highlights importance of accurate financial disclosures
PROVIDENCE, R.I. — General Treasurer Gina M. Raimondo recently spoke with local government finance professionals as part of Treasury's ongoing effort to share best practices regarding financial disclosure and to raise awareness about pooling financial resources to generate savings.
"As local governments look for innovative ways to do more with less, Treasury's door remains open to offer support and technical assistance," said Raimondo. "While local leaders know what is best for their communities, Treasury will continue to look for opportunities to share results, especially when it comes to improving transparency with financial disclosures and creating economies of scale in banking or investing."
Treasury partnered with the Rhode Island Government Finance Officers Association (RIGFOA) to provide the training session that included presentations on:
• Creating and maintaining accurate financial disclosures when entering the bond markets
• Learning techniques to streamline work to achieve operational efficiencies
• Partnering with Treasury on financial service programs that can create cost savings
Beyond the recent workshop, Treasury is working with municipalities to:
• Implement the Ocean State Investment Pool, which currently has about $550 million under management
• Return unclaimed property to cities and towns
• Grow the lock box program and remote deposit scanning program to create efficiencies, cost savings
While comprehensive pension reform will save municipalities about $1 billion over the next 20 years, they still need support to solve their locally administered pension plans. Treasury is helping their efforts in a number of ways, including:
• Continuing open door policy to answer questions and provide expertise
• Facilitating introductions to the Pew and Arnold Foundation who are providing municipalities with valuable financial, legal and actuarial advisors free of charge