Sec. 16-95. - Financial reporting requirements for the finance directors of the school department and the city.

(a)

The purpose of this ordinance is to improve the city's ability to efficiently and effectively monitor its budget revenues and expenditures.

(b)

The finance director for the City of East Providence School Department shall provide a monthly financial report to the finance director of the City of East Providence. Said monthly financial report shall, at a minimum, show budget to actual cumulative expenditures for each month.

(1)

Such report shall list each budget line item by account number and title and shall identify the appropriations, encumbrances, expenditures and account balance for the current fiscal year.

(c)

The budget to actual expenditure report provided to the city finance director by the school finance director shall also be provided to the city council and the school committee.

(d)

This budget to actual report shall be provided by the school department finance director to the city finance director no later than 14 days after the close of the previous month.

(e)

The finance director for the school department shall also provide the finance director for the City of East Providence a quarterly report which at a minimum shall contain the revenue and expense estimates for all categories in the school department budget as provided for in section (b) (1) of this ordinance. In each instance where there is a deviation from the budget for any expenditure the report shall contain an explanation for the deviation and a corrective plan of action to reconcile the expenditure with the budget as soon as practicable.

(Ch. 536, § I, 10-18-11)