(a)  The owners’ association shall cause to be prepared a report for each fiscal year, except the first year, for which assessments are to be levied and collected to pay the costs of the activities described in the report. The owners’ association’s first report shall be due ninety (90) days after the first year of operation of the tourism improvement district.

Terms Used In Rhode Island General Laws 45-59.1-15

  • Assessment: means a levy for the purpose of providing activities and improvements that will provide benefits to businesses located within a tourism improvement district that are subject to the tourism improvement district assessment. See Rhode Island General Laws 45-59.1-3
  • Business: means any business establishment of the type or class that is described in the tourism improvement district plan and the authorizing resolution. See Rhode Island General Laws 45-59.1-3
  • 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.
  • Improvement: means an acquisition, construction, installation, or maintenance relating to tangible property, with an estimated useful life of five (5) years or more that is designed to provide benefits to assessed businesses. See Rhode Island General Laws 45-59.1-3
  • Municipality: means any city or town in the state of Rhode Island. See Rhode Island General Laws 45-59.1-3
  • Tourism improvement district: means a tourism improvement district established pursuant to this chapter. See Rhode Island General Laws 45-59.1-3

(b)  The report shall be filed with the municipality and shall refer to the tourism improvement district by name, specify the fiscal year to which the report applies, and, with respect to that fiscal year, shall contain all of the following information:

(1)  The activities and improvements to be provided for that fiscal year.

(2)  An estimate of the cost of providing the activities and improvements for that fiscal year.

(3)  The method and basis of levying the assessments in sufficient detail to allow each business owner to estimate the amount of the assessment to be levied against his or her business for that fiscal year.

(4)  The estimated amount of any surplus or deficit revenues to be carried over from a previous fiscal year.

(c)  The municipality may approve the report as filed by the owners’ association or may make recommendations for approval to the annual report within forty-five (45) days of receiving the annual report. The annual report shall be final and approved within ninety (90) days following its submission by the owners’ association to the municipality.

History of Section.
P.L. 2022, ch. 282, § 1, effective June 29, 2022; P.L. 2022, ch. 283, § 1, effective June 29, 2022.