§ 45-12-22.1 Municipal deficits – Purpose. – The purpose of §§ 45-12-22.1 – 45-12-22.5 are to ensure that municipalities and school districts monitor financial operations on an ongoing basis, execute a rapid response to budget problems, and maintain a balanced budget in compliance with § 44-35-10. It is the intent of the legislature to require that municipalities and school districts:
(1) Prevent year-end deficits;
(2) Immediately address potential deficits;
(3) Immediately address actual year-end deficits; and
(4) Stabilize municipal and school district finances.