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Subject 110-3-4 REPORT OF REGISTERED AUTHORITY FINANCES

Rule 110-3-4-.01 Purpose

(1) O.C.G.A. § 36-81-8 requires each local independent authority to submit an annual report of bonded indebtedness to the Department of Community Affairs. This report shall include the revenues, expenditures, assets, and debts of all funds of the local independent authority and shall describe any actions taken by such local independent authority to incur indebtedness.
(2) O.C.G.A. § 36-81-8 further specifies that these reports must be filed in such form and at such times as are specified by rule of the Department of Community Affairs, and authorizes the Department of Community Affairs to require the submission of these reports in accordance with this code section and these rules as a condition of independent authorities receiving state appropriated funds from the Department of Community Affairs.
(3) The purpose of these rules is to provide the title and general format of the finance report, to establish means for electronic submission of the report, and to establish due dates for submission of the reports to the Department of Community Affairs.

Rule 110-3-4-.02 Report Submittal Rules

(1) Each authority shall report based on their fiscal-year-end date. For the fiscal year ending in calendar year 2003, the Report of Registered Authority Finances will be due within 180 days from the authority's fiscal year end date, or by September 30, 2003, whichever is later. Thereafter, the reports will be due within 180 days from the end of each independent authority's fiscal year end date. Based on the fiscal-year-end date indicated by the authority in its annual authority registration (O.C.G.A. § 36-80-16), the Department will notify each authority of their report due date in writing.
(2) Failure to submit a complete report of Report of Registered Authority Finances to the Department of Community Affairs within 180 days of the end of the authority's fiscal year will result in the withholding of Department funds from the authority until the report is received. Authorities will be notified in writing of their delinquent status. will be notified in writing of their delinquent status.
(3) The Commissioner of the Department of Community Affairs is authorized to extend the due date for submission of this report if the Commissioner finds that such action is appropriate under circumstances detailed in writing by the requesting
(4) The reporting form referred to in part 110-3-4.04 of these rules will be available on the Department of Community Affairs website. Independent are encouraged to complete the report using the electronic reporting options available on the Department's website. If an chooses to submit a paper copy of the report, the reporting form can be downloaded from the website. Upon receipt of a written request from a representative or agent of an independent authority, a copy of the reporting form will be mailed within 10 business days from the receipt of such request to the address indicated in the request.
(5) The report must reflect the revenues, expenditures, assets, liabilities and such other information as may be indicated on the reporting form.
(6) Audited financial data must be used by all independent that have a financial audit of their accounting records for the fiscal year being reported. Independent authorities that have not had an audit of their accounting records for the fiscal period being reported must complete the report using data compiled in a manner that is consistent with generally accepted governmental accounting principles and reporting standards.

Rule 110-3-4-.03 Definitions

(1) Local independent authority means each local public body corporate and politic created in and for a county, municipality, consolidated government, or combination thereof, which is authorized to issue bonds under the Constitution and laws of this state (O.C.G.A. § 36-81-8).
(2) Governmental Accounting and Financial Reporting Standards mean the standards promulgated by the Governmental Accounting Standards Board (GASB); for financial reporting matters not specifically addressed in the GASB standards, by the American Institute of Certified Public Accountants; and, when specifically applicable, by other regulatory agencies such as the Federal Energy Regulatory Commission, the National Association of Regulatory Utility Commissioners.
(3) Fiscal year means the 12-month accounting and reporting period established by a local independent authority, in accordance with Governmental Accounting and Financial Reporting Standards.
(4) Revenues mean all income of a local independent authority as defined by Governmental Accounting and Financial Reporting Standards.
(5) Expenditures mean all expenditures/expenses of a local independent authority as defined by Governmental Accounting and Financial Reporting Standards.
(6) Assets mean all property of a local independent authority as defined by Governmental Accounting and Financial Reporting Standards.
(7) Bonded indebtedness means any long-term debt with an original term of more than one year. It includes revenue bonds and special assessment obligations issued in the name of companies, businesses, or particular agencies, etc.
(8) Liabilities mean all financial obligations, including bonded indebtedness, of a local independent authority as defined by Governmental Accounting and Financial Reporting Standards.

Rule 110-3-4-.04 Report of Registered Authority Finances

(1) The attached reporting form entitled Report of Registered Authority Finances represents the hardcopy format of the reporting form referred to in these Rules. The electronic filing format may vary from the hardcopy format as necessary to address software requirements and other electronic reporting considerations.
(2) The hard copy format and/or the electronic filing formats may be amended from time to time as may be necessary to better serve the needs of the users of the reports, and/or to update the report for changes in the informational requirements of Generally Accepted Accounting and Financial Reporting Standards or to accommodate the collection of information as may be required by the General Assembly or the Governor.


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