EG Ranks Second In Municipal Debt
We may not have the biggest debt – that honor does to Providence – but we do rank number two in per-capita debt, according to GoLocalProv.
What do East Greenwich, Providence and Woonsocket have in common? More than you might think. According to a story by Stephen Beale on GoLocalProv Friday, East Greenwich ranks second in per capita municipal debt, behind financially troubled Woonsocket, and just barely ahead of Providence. East Greenwich owes $68.5 million according GoLocalProv. While that sounds smallish compared to Providence's debt of $926 million – per capita, the two debts are only $8 apart. EG residents owe $5,209 per person; Providence residents owe $5,201. Only Woonsocket residents have it worse, at $6,112 in municipal debt per person. According to GoLocal, the numbers come from adding general obligation bonds; notes, loans and capital leases; net pension …
