The bill amends sections of the General Laws related to the reporting requirements for various types of charter schools in Rhode Island, including district charter schools, independent charter schools, and mayoral academies. The amendments require these schools to continuously monitor their financial operations by tracking actual versus budgeted revenue and expenses. The chief financial officer of each charter school is mandated to submit a quarterly report to the commissioner, a change from the previous requirement to submit to the state office of municipal affairs. The format of these reports is prescribed by the commissioner and the state auditor general.

The quarterly reports must include a statement on whether there are any expected budget shortfalls that could result in a year-end deficit, the projected impact on year-end financial results, and the school's plan to address such shortfalls. The auditor general or the state director of administration has the authority to petition the superior court to order schools to file these reports. Additionally, the director of administration can direct the withholding of funding to any charter school that fails to comply with these reporting requirements. Non-compliance can also lead to the revocation of the school's charter. The bill takes effect upon passage and shifts the responsibility of receiving and overseeing these financial reports from the state office of municipal affairs to the commissioner of elementary and secondary education.

Statutes affected:
3151: 16-77.2-8, 16-77.3-8, 16-77.4-8