§ 42-64-28 - Annual financial reports and performance report.
SECTION 42-64-28
§ 42-64-28 Annual financial reports andperformance report. – (a) The board shall approve and the Rhode Island economic developmentcorporation shall submit to the governor, the president of the senate, thespeaker of the house of representatives, and the secretary of state, withineleven (11) months after the close of its fiscal year, complete and detailedfinancial reports and a performance report. These reports shall cover thecorporation and its subsidiaries and shall be posted electronically on thegeneral 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 inaccordance with the categories and classifications established by thecorporation for its operating and capital outlay purposes including a listingof all private consultants engaged by the corporation on a contract basis and astatement of the total amount paid to each private consultant, a listing of anystaff supported by these funds, and a summary of any clerical, administrativeor technical support received;
(3) Assets and liabilities at the end of its fiscal yearincluding 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 ofits fiscal year together with a statement of amounts redeemed and incurredduring the fiscal year;
(5) The reports shall be prepared by independent certifiedpublic accountants in accordance with generally accepted principles ofaccounting.
(c) The performance report shall include:
(1) A summary of performance during the previous fiscal yearincluding accomplishments, shortcomings in general and relative to plan, andactions to be taken to remedy such shortcomings;
(2) For all board meetings and public hearings held by thecorporation: the subjects addressed, decisions rendered, actions considered andtheir disposition; and, the minutes of these meetings and hearings if requestedby the governor, the president of the senate, the speaker of the house ofrepresentatives, or the secretary of state;
(3) Rules or regulations promulgated by the board orcorporation, 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 otherlegal matters related to the authority of the board or corporation;
(5) A summary of any training courses held pursuant tosubdivision 42-64-8(a)(4);
(6) A briefing on anticipated plans and activities in theupcoming fiscal year; and findings and recommendations for improvements.
(d) The director of the department of administration shall beresponsible for the enforcement of the provisions of this section.