(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.

Terms Used In Rhode Island General Laws 42-64-28

  • authority: means the governmental agency and public instrumentality, formerly known as the "Rhode Island port authority and economic development corporation" and/or also formerly known as the "Rhode Island economic development corporation" and now known as the Rhode Island commerce corporation authorized, created, and established pursuant to § 42-64-4, or any subsidiary corporation thereof which is established pursuant to § 42-64-7. See Rhode Island General Laws 42-64-3
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Director: means the executive director of the economic development corporation until such time that the secretary of commerce is appointed. See Rhode Island General Laws 42-64-3
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • notes: means the bonds, notes, securities, or other obligations or evidences of indebtedness issued by the corporation pursuant to this chapter, all of which shall be issued under the name of and known as obligations of the "Rhode Island commerce corporation. See Rhode Island General Laws 42-64-3
  • State: means the state of Rhode Island. See Rhode Island General Laws 42-64-3

(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 subdivision 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.

History of Section.
P.L. 1974, ch. 100, § 14; P.L. 2005, ch. 318, § 1; P.L. 2005, ch. 321, § 1; P.L. 2006, ch. 216, § 39; P.L. 2013, ch. 243, § 3; P.L. 2013, ch. 490, § 3.