Rhode Island General Laws 44-35-2. Purpose
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The purpose of this chapter is to:
(1) Establish a procedure under which towns and cities may levy property taxes;
(2) Provide for full disclosure of the effect of rate and base changes on property tax revenues;
(3) Establish a procedure for public hearings on proposed budgets;
(4) Require municipalities to adopt a balanced budget; and
(5) Provide for fiscal oversight of municipalities incurring an operating deficit or an accumulated deficit in the preceding fiscal year.
History of Section.
P.L. 1979, ch. 298, § 1; P.L. 1981, ch. 297, § 1.
Terms Used In Rhode Island General Laws 44-35-2
- Balanced budget: A budget in which receipts equal outlays.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Oversight: Committee review of the activities of a Federal agency or program.