§ 44-35-10. Balanced municipal budgets - Additional reporting requirements - Electronic reporting/municipal uniform chart of accounts. (a) The operating budgets for all cities and towns shall provide for total appropriations that do not exceed total estimated receipts, taking into account any general fund surplus or deficit estimated to be carried over from the current fiscal year. The funding of accumulated deficits shall be consistent with the provisions of § 45-12-22.
(b) The chief elected official in each city and town shall provide to the division of municipal finance within thirty (30) days of final action, in the form and format required by the division, the adopted budget survey.
(c) Within thirty (30) days of final action as referenced in subsection (b) each city or town shall provide to the division a five-year (5) forecast, in the form and format required by the division, for major funds as defined by generally accepted accounting principles as established by the governmental accounting standards board (GASB). The forecast shall also reflect any and all underlying assumptions.
(d) The reports required under subsections (b) and (c) shall be submitted in accordance with the requirements outlined under § 45-12-22.2(d).
(e) Within sixty (60) days of executing changes in healthcare benefits, pension benefits, and OPEB, a municipality shall provide a fiscal impact statement to the division of municipal finance, reflecting the impact on any unfunded liability and annual required contribution (ARC), as well as the impact on the five-year (5) forecast. The fiscal impact statements shall show underlying actuarial assumptions and provide support for underlying assumptions.
(f) A municipality shall join electronic reporting/implement municipal uniform chart of accounts (UCOA), within six (6) months of implementation.
History of Section. (P.L. 1981, ch. 297, § 2; P.L. 2011, ch. 151, art. 12, § 13; P.L. 2016, ch. 142, art. 8, § 2.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.