SECTION 112.
There shall be established a special commission to investigate and study the manner in which municipalities and towns of the commonwealth balance their fiscal year budgets, including the accounting methods utilized by said cities and towns. The commission shall be appointed by the governor and shall consist of 10 members as follows: the house and senate chairmen of the joint committee on municipalities who shall serve as co-chairs of this special commission, the house and senate chairmen of the committees on ways and means, or their designees, the speaker of the house of representatives or his designee, the president of the senate or her designee, the state auditor, or his designee, the commissioner of the department of revenue or his designee, a representative of the executive office of administration and finance, and a representative of the Massachusetts Municipal Association. The commission shall report to the general court the results of its study, together with drafts of legislation necessary to carry such recommendations into effect, by filing the same with the clerks of the house of representatives and senate on or before December 31, 2008.