Title 35, Title 35 Finance

(a) In order to provide for a more stable and accurate method of financial planning and budgeting and to facilitate the adoption of a balanced budget wherein appropriations and expenditures do not exceed anticipated revenues, as is required by the statutes and constitution of Rho…

(a) The principals of the R.E.C. shall meet within the first ten (10) days of May and November of each year. (b) The primary purpose of regularly scheduled conferences is to prepare economic forecasts and forecast revenue estimates and review current revenue collections under cur…

(a) Any time during a fiscal year that any principal feels that the recommendations of the revenue estimating conference are no longer valid, then that principal, with appropriate notice, may convene a revenue estimating conference. The principal requesting the additional confere…

(a) The revenue estimating conference principals, along with the appropriate participants, will meet from time to time to compare current fiscal statistics with the most recent financial projection as required by § 35-3-1(a)(6). Any principal can call an impact meeting at any tim…

(a) The R.E.C. chairperson and his or her staff will be responsible for preparing and distributing work papers before each conference. Each participant and principal will be responsible for providing the chairperson with the appropriate materials for the work papers on a schedule…

The chairperson will be the sole source of any public announcement of the results from the conference. The final report will be prepared by the chairperson and distributed to conference participants not later than five (5) working days after adjournment. The reports shall contain…

The budget office, the house fiscal advisor, and the senate fiscal advisor along with the house and senate fiscal staff and legal counsel shall study the feasibility and benefits of adopting a two (2) year budget cycle, and shall report in writing to the governor, the speaker of …

(a) In order to provide for a more stable and accurate method of financial planning and budgeting, it is hereby declared the intention of the legislature that there be a procedure for the determination of official estimates of anticipated medical assistance expenditures and publi…

(a) The principles of the C.E.C. shall meet within the first ten (10) days of May, and November of each year. (b) The primary purpose of regularly scheduled conferences is to forecast medical assistance and public assistance caseloads. The conference principals can agree, however…

(a) Any time during a fiscal year that any principal feels that the recommendations of the caseload estimating conference are no longer valid, then that principal, with the appropriate notice, may convene a caseload estimating conference. The principal requesting the additional c…

(a) The caseload estimating conference principals, along with the appropriate participants, will meet from time to time to compare current caseload data with the most recent financial projections as required by § 35-3-1(6). Any principal can call an impact meeting at any time. (b…

The C.E.C. chairperson and his or her staff will be responsible for preparing and distributing work papers before each conference. Each participant and principal will be responsible for providing the chairperson with the appropriate materials for the work papers on a schedule det…

The chairperson will be the sole source of any public announcement of the results from the conference. The final report will be prepared by the chairperson and distributed to conference participants not later than five (5) working days after adjournment.

This chapter shall be known as the “Rhode Island Public Corporation Debt Management Act.”

The words defined in this section shall have the meanings set forth below whenever they appear in this chapter, unless the context in which they are used clearly requires a different meaning: (1) “Bond” and “obligation” mean an agreement by any person to repay borrowed money. (2)…

(a) No elected or appointed state official may enter into any financing lease or into any guarantee with any person without the prior approval of the general assembly unless: (1) The governor certifies that federal funds will be available to make all of the payments which the sta…

(a) A financing lease, guarantee, bond, or other obligation shall be deemed to have been approved by the general assembly when the general assembly passes a joint resolution of approval regarding the financing lease, guarantee, bond, or other obligation which the governor or a pu…

Nothing in this chapter is intended to interfere with the obligations of the state or any public corporation under any trust agreement, financing lease, or other agreement in effect on, or with respect to any bonds or other obligations outstanding on, January 1, 1995.

This chapter shall be known and may be cited as the “Public Corporation Financial Integrity and Accountability Act of 1995.”

(a) It is unlawful for any employee of a public corporation, as defined in § 35-20-5(4), or his or her designee, to use or permit others to use corporation issued credit cards for personal use. (b) For purposes of this section, “Personal use” means any use the purpose of which is…

The executive officers of any public corporation shall establish and implement policies and procedures regarding the use of corporation issued credit cards and the payment for food and beverages. The policies and procedures shall be consistent with the provisions of § 35-20-10 an…

(a) The legislature hereby finds that: (1) Fraud and errors in public and quasi-public programs are more likely to occur from a lack of sufficient internal control structures in the state-authorized public corporations. (2) Effective internal control structures provide the basic …

The chairs and chief executive officers of public corporations are responsible for the establishment and maintenance of a system or systems of internal accounting and administrative control within their respective corporations. This responsibility includes documenting the system,…

(a) Internal accounting and administrative controls are the methods through which reasonable assurances can be given that measures adopted by public corporations to safeguard assets, check the accuracy and reliability of accounting data, promote operational efficiency, and encour…

As used in this chapter: (1) “Controller” means the state controller of Rhode Island. (2) “Director” means the director of administration. (3) “Governor” means the governor of Rhode Island. (4) “Public corporation” means any body corporate and politic created or to be created pur…

(a) To ensure that the requirements of this section are fully complied with, each public corporation shall prepare and submit a report on the adequacy of the corporation’s systems of internal accounting and administration control by December 31 of each year. (b) The report, inclu…

(a) Except as expressly authorized by law, no public corporation shall have the right to exercise or perform any of its powers and functions through any subsidiary or any other separate corporation or entity. Except as expressly authorized by law, no public corporation shall dire…

Itemized estimates of the financial needs of each public corporation shall be submitted by each chairperson or chief executive officer of a public corporation to the governor through the budget officer of the department of administration. The budget officer shall also provide cop…

Itemized estimates of the financial needs of each public corporation shall be submitted by each chairperson or chief executive officer of a public corporation to the governor through the budget officer of the department of administration. The estimate shall be in such form, and i…

(a) Notwithstanding any other provision of general law to the contrary, any department or agency as defined in chapter 1 of this title, or other unit of state or local government delineated in this section, which is required or authorized to receive or collect any payments to sta…

This act may be cited as the “Private Activity Bond Approval Act.”

It is the policy of the State of Rhode Island (the “State”) that in order to maintain an effective system of monitoring the use of federal subsidies within the state, facilities within the state proposed to be financed with bonds issued by an issuer that does not have jurisdictio…

“Host approval” means an approval by an applicable elected representative of a governmental unit, for purposes of section 147(f)(2)(A)(ii) of the Internal Revenue Code of the United States of America, having jurisdiction over the area in which a facility is located that is to be …

(a) Host approval shall not be granted unless and until the governor has received the items and information listed in subsection (b) of this section and has issued an approval as set forth in subsection (c) of this section. (b) The following items and information must be received…

This chapter shall be known and may be cited as the “Rhode Island Secure Choice Retirement Savings Program Act.”

(a) Employers shall not have any liability for an employee’s decision to participate in, or opt out of, the RISavers retirement savings program, or for the investment decisions of employees whose assets are deposited in the program. (b) Employers shall not be a fiduciary, or cons…

The state shall not have any liability for the payment of the retirement savings benefit earned by program participants pursuant to this chapter. The state, and any of the funds of the state, shall have no obligation for payment of the benefits arising from this chapter.

(a) The office of the general treasurer shall submit, no later than December 31 annually, an audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the Rhode Island secure choice retirement savings program to the gover…

(a) The office of the general treasurer shall not implement the program if the IRA arrangements offered fail to qualify for the favorable federal income tax treatment ordinarily accorded to IRAs under the Internal Revenue Code, or if it is determined that the program is an employ…

The office of the general treasurer, commission, and the program administrator and staff, including, contract administrators and consultants, shall discharge their duties as fiduciaries with respect to the program for the exclusive purposes of providing benefits to program partic…

(a) The office of the general treasurer shall have the power and duties necessary to administer the enforcement of employer compliance with this chapter, including the ability to impose penalties. (b)(1) The office of the general treasurer shall issue a notice of noncompliance to…

The office of the general treasurer may adopt rules and regulations to implement this chapter.

A payroll deposit IRA arrangement offered pursuant to the RISavers retirement savings program shall have the same status as, and be treated consistently with, any other IRA for the purpose of determining eligibility or benefit level for a program that uses a means test.

This chapter shall be construed liberally in order to effectuate its purpose. The purposes of this chapter and all of its provisions with respect to the powers granted shall be broadly interpreted to effectuate that intent and purposes and not as to any limitation of powers.

As used in this chapter: (1) “Eligible employee” means a person age eighteen (18) years or older who is employed by an eligible or optional employer and has been employed for a period of not less than one hundred twenty (120) days. “Eligible employee” does not include: (i) Any em…

(a) There is hereby established a retirement savings program known as the Rhode Island secure choice retirement savings program to be administered by the office of the general treasurer for the purpose of promoting greater retirement savings for Rhode Island private sector employ…