The bill amends the Rhode Island Board of Education Act and the Property Tax and Fiscal Disclosure — Municipal Budgets by adding new sections that mandate increased fiscal accountability and transparency for funds received from the American Rescue Plan. Specifically, it requires all school districts, local education agencies, cities, and towns to report annually on a standardized form detailing the use of funds from the American Rescue Plan, elementary and secondary school emergency relief, and state and local recovery funds. The information to be reported includes amounts received, allocated, and spent, particularly on hiring staff, job titles hired or retained, premium pay issued, and any unspent funds. Additionally, copies of all progress reports submitted to federal government agencies regarding the use of these funds must be included.

The reports generated by school districts and local education agencies are to be published on the Department of Education's website, while reports from cities and towns are to be published on the Division of Municipal Finance's website, both available for public inspection and review. The bill specifies that these new reporting requirements will take effect on July 1, 2023. There are no deletions from the current law indicated in the bill.