Rhode Island has more loans than its assets and the tax burden per taxpayer was -$14,200 in 2015 and it ranks 36th out of a total of 50 states and does not have sufficient assets to cover its debts. Available assets have been tapped and there is a tax burden on each taxpayer's share of the state's bills that uses pension liabilities, assets and debt to arrive at the taxpayer's expense. There are $3.8 billion in assets available while the bills total $8.9 billion and there is a gap of $5.2 billion and each taxpayer is expected to contribute $14,200 to the State to cover the debt burden. Say no to plagiarism. Get a custom essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay As a result of the new rules, Rhode Island also shows pension debt on the balance sheet, which has caused pension debt to soar. pensions at $3.2 billion. in 2015, up from a low of $6.7 million in 2014. The state submitted its report 170 days after the end of the fiscal year, as part of the 180-day goal. A debt affordability study was conducted to identify debt and borrowing at all levels, including that of the state government from its subsidiaries and including all cities as well as small fire districts in order to to reduce the debt burden and it was presented to the Public Financial Management Council. The report found that the pension debt-to-liability ratio in Providence was 17.8 percent and in Woonsocket was 20.3 percent, which should be lower than 6.3 percent. In the case of other cities like Pawtucket, Central Falls, West Warwick, Johnston and Cranston were also found to be above average. It was therefore decided to reduce the state debt from 7.5% of revenues to around 7% over the next five years. years. The Center for Retirement Studies at Boston College would develop a standardized measure of pension liabilities across all 50 states, as some states have reported lower deficits by projecting better investment returns in the future or trying to narrow the gap over a period given. In matters of supervision and control of local government finances, there was a period of municipal extravagance during the two decades following the Civil War for improvements and an increasing burden of public expenditure. Property taxes were distributed among localities during assessment, and officials undervalued properties in order to reduce their communities' share of taxes. Therefore, legislation was passed giving state agencies the authority to adjust differences between taxing units, and supervision of local tax administration was provided with the assistance of state tax commissions, thus making it centralized. The first tax commission was established in Indiana in 1891 and later expanded to 40 other states. Does your state allow its localities to file for bankruptcy? Is there some sort of state receivership or similar program for financially distressed municipalities? Congress added Chapter 9 to the Bankruptcy Code in 1937, authorizing municipalities to file for bankruptcy protection, allowing local government entities to file for bankruptcy protection under Chapter 9, Title 11, of the Code bankruptcies. State code, which is only available for municipalities. Are there currently (or were there) local entities in your state participating in such a program? Keep in mind: this is just one..