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§42-64-28  Annual financial reports and performance report. –

Published: 2015

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State Affairs and Government


Rhode Island Commerce Corporation

SECTION 42-64-28

   § 42-64-28  Annual financial reports and

performance report. –

(a) The board shall approve and the Rhode Island commerce corporation shall

submit to the governor, the president of the senate, the speaker of the house

of representatives, and the secretary of state, within eleven (11) months after

the close of its fiscal year, complete and detailed financial reports and a

performance report. These reports shall cover the corporation and its

subsidiaries and shall be posted electronically on the general assembly and the

secretary of state's websites as prescribed in § 42-20-8.1.

   (b) The financial reports shall set forth the corporation's:

   (1) Operations;

   (2) Receipts and expenditures during the fiscal year in

accordance with the categories and classifications established by the

corporation for its operating and capital outlay purposes including a listing

of all private consultants engaged by the corporation on a contract basis and a

statement of the total amount paid to each private consultant, a listing of any

staff supported by these funds, and a summary of any clerical, administrative

or technical support received;

   (3) Assets and liabilities at the end of its fiscal year

including a schedule of its leases and mortgages and the status of the reserve,

special or other funds;

   (4) Schedule of the bonds and notes outstanding at the end of

its fiscal year together with a statement of amounts redeemed and incurred

during the fiscal year;

   (5) The reports shall be prepared by independent certified

public accountants in accordance with generally accepted principles of


   (c) The performance report shall include:

   (1) A summary of performance during the previous fiscal year

including accomplishments, shortcomings in general and relative to plan, and

actions to be taken to remedy such shortcomings;

   (2) For all board meetings and public hearings held by the

corporation: the subjects addressed, decisions rendered, actions considered and

their disposition; and, the minutes of these meetings and hearings if requested

by the governor, the president of the senate, the speaker of the house of

representatives, or the secretary of state;

   (3) Rules or regulations promulgated by the board or

corporation, a summary of studies conducted, policies and plans developed,

approved, or modified, and programs administered, initiated or terminated;

   (4) A synopsis of hearings, complaints, suspensions, or other

legal matters related to the authority of the board or corporation;

   (5) A summary of any training courses held pursuant to

subdivision 42-64-8(a)(4);

   (6) A briefing on anticipated plans and activities in the

upcoming fiscal year; and findings and recommendations for improvements;

   (7) Compliance with the reporting requirements of the general


   (d) The director of the department of administration shall be

responsible for the enforcement of the provisions of this section.

History of Section.

(P.L. 1974, ch. 100, § 14; P.L. 2005, ch. 318, § 1; P.L. 2005, ch.

321, § 1; P.L. 2006, ch. 216, § 39; P.L. 2013, ch. 243, § 3;

P.L. 2013, ch. 490, § 3.)