TITLE 42
State Affairs and Government
CHAPTER 42-64
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
accounting.
(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
laws.
(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.)
