Property Tax and Fiscal Disclosure – Municipal Budgets

SECTION 44-35-10

§ 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.)