Utility Flashcards
What is the statute for a Municipal public utility ?
40A: 1-1
What statue is 40A: 1-1 ?
The Municipal Public Utility
What is the definition of a Municipal Public Utility ?
Any water, sewer, electric power or gas system or any combination thereof or any public parking system or any other utility enterprise or purpose authorized to be untaken by a local unit from which it may receive fees rents or other charges
What are some examples if operating assets?
Cash Change Fund Petty Cash Interfund Receivables with no offset reserve Consumer Accounts Receivable with offset reserve Utility Liens Other Receivables Inventory Fixed Assets Deferred Charged
What are some examples of liabilities?
Appropriations Appropriation Reserve Reserve for Encumbrances Accounts Payable Interfund Payable Accrued Interest on Bonds and Notes Utility Overpayments Pre-Paid Rents Reserve for Consumer Accounts Receivable Reserve for Liens Fund Balance
What is the practical definition of a utility?
A utility can be any enterprise operated by a government unit in which the revenues are sufficient to meet the requirements of operations and debt service of the enterprise.
What are some types of a utility?
Water Sewer Water and Sewer Pool Electric Airport Golf Course Recreation Solid Waste Harbor Beach Country Club Parking
How is a utility created?
A utility is created by the adoption of an ordinance by the governing body.
Once a utility is created, what is set up to record the financial activity?
A chart of accounts is set up.
What is required if commitments are to be made before the utility budget can be adopted?
An emergency appropriation.
What laws are a utility operated under?
The Local Budget Law
The Local Bond Law
What funds may a utility have?
Operating Fund but may also have a Utility Capital Fund and a Utility Assessment Fund.
What does a utility operating fund consist of?
General Revenues
Operating Expenses
Capital Improvement Fund
Debt Service Appropriations
What does a Utility Capital Fund consist of?
Debt Authorized Bonds Notes Capital Appropriations Capital Assets
What does a Utility Assessment Fund consist of?
Assessments Recievable
Assessment Debt
True of False. Does a utility need to have an operating budget?
Yes, a utility must have an operating budget adopted by the Governing Body along with the Municipal Budget.
Are Utility Budgets subject to the provisions of the budget CAP Laws?
No, they are not subject to the provisions of the Budget CAP Laws.
Does a temporary budget, transfers, deferred charges, emergency appropriation apply to utilities?
Yes.
What is the statue for the Utility Budget?
40A:4-33
What statue is 40A:4-33
Utility Budget
Describe the utility budget.
They are a separate budget section.
Revenues cannot exceed appropriations.
Revenues cannot exceed prior year’s cash collections.
What is the statue for a Utility Appropriations?
40A:4-34
What statue is 40A:4-34
Utility Appropriations
