Today, RIPEC released the results of a six-month study commissioned to forecast revenue and expenditures for Aquidneck Island over the next six years. RIPEC was asked to prepare a revenue and expenditure forecast of school and municipal expenditures and revenues for Middletown, Newport and Portsmouth in partnership with the AI Advisory Group and Ninigret Partners.
The baseline report is the group’s first step in a long-range process to address factors driving municipal and school spending through innovative and collaborative efforts. The analysis focuses on several different areas within the financial forecast, including but not limited to OPEB liabilities, health care benefits for employees, cost-sharing opportunities between communities, and municipal expenditures.
For the first time, firm forecasts are available to enable community leaders and citizens to tackle complex municipal and school cost-savings efforts. The Advisory Group commissioned the RI Public Expenditure Council to compile the report, which also included data analysis from the market research company, Ninigret Partners of Providence and Narragansett.
The forecast includes an analysis and projection of school and municipal expenditures in order to identify the factors driving school and municipal spending. The forecast was designed in a manner that will permit some degree of sensitivity analysis based on the assumptions used. In order to ensure the forecast reflected local needs, RIPEC and Ninigret Partners asked Advisory Group to review and assess assumptions used in the forecast, discuss and evaluate preliminary forecasts, and review and comment on final forecast.