(a)  In order to strengthen the fiscal accountability of cities, towns and municipalities in Rhode Island an advisory council on municipal finances is hereby formed. The council is composed of five (5) members as follows:

(1)  The auditor general of the state of Rhode Island or his or her designee;

(2)  The executive director of the Rhode Island League of Cities and Towns or his or her designee;

(3)  The executive director of the Rhode Island League of Cities and Towns shall appoint a representative of the Government Finance Officers Association;

(4)  The director of the department of revenue or his or her designee;

(5)  The state controller or his or her designee.

The auditor general or his or her designee shall serve as chair of the council.

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(b)  The council shall develop recommendations for a uniform system of accounting, including a chart of accounts for all cities, towns and municipalities. These recommendations shall take into consideration the work of the advisory council on school finances pursuant to the requirements of §?16-2-9.3. The council shall recommend changes in accounting procedures to be adopted by cities, towns and municipalities. In addition, the council shall apprise municipal business officials, city and town councils, and other municipal leaders about sound fiscal practices and current state and federal rules and regulations regarding municipal finance. All recommendations of the council shall be advisory in nature.

(c)  The council shall meet at least one time each year. The council shall report its activities and recommendations to the chairs of the house and senate committees on finance, the senate committee on housing and municipal government, the house committee on municipal government, and the office of the governor. The council’s initial recommendations shall be submitted by July 1, 2009.