Rhode Island General Laws 45-10-6. Contents of audit report
The audit report referred to in this chapter shall include for each fund of the city or town and for each public industry maintained or operated by the city or town:
(1) Financial statements for the fiscal year prepared in accordance with the reporting requirements prescribed in § 45-10-5.1, together with the auditor’s report thereon;
(2) A statement as to uncollected taxes outstanding at the close of the last fiscal year according to the years for which the taxes were assessed;
(3) A statement as to debts incurred during the last fiscal year which were unpaid at the end of the year;
(4) Statements as to each public industry maintained or operated by the city or town of expenditures for construction and for equipment for that year;
(5) A statement of the public debt evidenced by notes, bonds, or other evidences of indebtedness, issued and outstanding of the city or town showing as to each item of public debt the authorization date of the debt, the purpose for which authorized, the amount authorized, the date of issue, and amount issued, the interest rate, the amount owing on account of the debt at the close of the fiscal year, and the amount, if any, at that time of the sinking fund established for the retirement of the debt;
(6) A statement of the sinking funds for the payment of the public debt of the city or town, showing how these funds are constituted and invested at the close of the fiscal year; and
(7) Suggestions developed during the course of the audit for improvements in procedures and controls.
History of Section.
P.L. 1929, ch. 1422, § 8; P.L. 1932, ch. 1957, § 1; G.L. 1938, ch. 347, § 8; G.L. 1938, ch. 347, § 1; P.L. 1955, ch. 3414, § 1; G.L. 1956, § 45-10-6; P.L. 1976, ch. 200, § 3; P.L. 1988, ch. 167, § 1.
Terms Used In Rhode Island General Laws 45-10-6
- 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.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
- town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9