Statement from Governor Chafee Regarding the Proposed MAST Program

Governor Chafee is pleased that RIPEC has joined with Moody’s Investor Services in endorsing the proposed MAST program, a component of his budget that would allocate $19 million to motivate cities and towns to properly fund their municipal pension obligations. 

In its report, RIPEC lauds the MAST program as "sound fiscal policy" and "a step toward long-term municipal fiscal sustainability." 

The Governor, who throughout his campaign cited the need for attention to municipal pension obligations, also recognizes that other reforms are necessary. He will continue work with the General Assembly and municipalities to address the threat of unfunded pension obligations in order to protect taxpayers from irresponsible decisions and policies of municipal elected officials.

Governor Chafee is maintaining his support for cities and towns through the budget and legislative process to reverse the counterproductive trend of reduced aid to municipalities.

This is the second RIPEC report this year to support parts of the Chafee budget, as an earlier one endorsed the concept of sales tax modernization.