§ 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funding of accumulated deficits shall be consistent with the provisions of § 45-12-22 [repealed].
(b) The chief elected official in each city and town shall provide to the division of
municipal finance within thirty (30) d
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§ 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funding of accumulated deficits shall be consistent with the provisions of § 45-12-22 [repealed].
(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.