SECTION 1. (1) 2002 H 7732 Substitute A, As Amended, Article 1, Section 1, Page 13, lines 5 to 15 ending after the word "Advisor", is hereby repealed.

(2) 2002 H 7732 Substitute A, As Amended, Article 1, Section 11, Page 16, lines 4 to 9 and beginning with the word "and" on line 4 and ending with the number "2003" on line 9, and on line 10 beginning with the word "or" and ending with the word "position" are hereby repealed.

PREAMBLE

SECTION 2. WHEREAS, The general assembly is concerned about the state of Rhode Island facing decreasing revenues and increased expenditures in the coming fiscal years; and

WHEREAS, The general assembly has a duty to protect the financial stability and well- being of the state of Rhode Island; and

WHEREAS, It is the duty of the general assembly to appropriate funds for expenditures in anticipation of revenue; and

WHEREAS, The general assembly has appropriated funds for the state of Rhode Island budget in H 7732 Substitute A, As Amended; and

THEREFORE, in order to monitor and ensure the fiscal solvency of the state of Rhode Island, there is hereby created a Fiscal Review Board (the "Board").

SECTION 3. (1) Composition of the board - The board shall consist of the governor or designee, the speaker of the house of representatives or designee, the majority leader of the senate or designee (effective until January 7, 2003), and the president of the senate or designee (effective January 7, 2003).

(2) Compensation - Members of the board shall receive no compensation for the performance of their duties.

(3) Chairperson - The governor or designee shall be the chairperson of the board.

(4) Duties - The board shall meet at least monthly to review the prior month's revenues and expenditures for the state of Rhode Island.

All branches of government, departments, agencies, boards, and the Revenue Estimating Conferences pursuant to Title 35, Chapter 16 of the General Laws of Rhode Island, shall cooperate fully and give any and all information and documents requested to the board including, but not limited to, revenues, expenditures in an amount as may be determined by the board, any position vacancies, and the filling of any position vacancies.

The board shall issue recommendations to the senate, the house of representatives, the judiciary, the department of administration, and any other departments, agencies, and boards.

The recommendations may include, but are not limited to, a request that the general assembly convene to immediately address issues regarding the revenues and expenditures for the state of Rhode Island.

(5) Powers - The board shall have the power to hold hearings and to subpoena witnesses and documents.

(6) The board shall be governed by the Public Records Act in Title 38 of the General Laws of Rhode Island and the Open Meetings Act in Title 42, Chapter 46 of the General Laws of Rhode Island.

SECTION 4. This act shall take effect on July 1, 2002 and shall terminate, unless otherwise provided by law, on June 30, 2003.