Rhode Island § 42-64-28 - Rhode Island Commerce Corporation

§ 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 § 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.