The bill proposes the establishment of the "Tiverton School Committee Financial Reports Act," which would be added as a new chapter (Chapter 114) to Title 16 of the General Laws, specifically related to education. The act would require the school committee of the town of Tiverton to provide monthly financial reports to the town's chief financial officer and/or other town officials. The financial reports must include details such as actual expenses and expenditures, budget category identification, the nature of the expenses (routine, emergency, fixed, variable, intermittent, or discretionary), current fund and budget balance, and a summary of any received revenue. The town of Tiverton may also require additional information to be included in these reports.

Furthermore, the bill amends Chapter 45-6 of the General Laws, which pertains to ordinances, by adding a section that extends the same reporting requirements to quasi-municipal entities within the town of Tiverton. These entities would also be mandated to provide monthly financial reports with similar content requirements as those for the school committee. The reports are to be provided on a regular basis, at least monthly, and produced within fifteen days after the end of the reporting period. The terms "expenditure," "expenses," and "revenues" are defined in the act. The bill would take effect immediately upon passage.