Chapter 610 - UNIFORM SYSTEM OF ACCOUNTS FOR WATER COMPANIES

SUMMARY: This regulation establishes a uniform system of accounts for water utilities.

A. Each water utility shall keep its books in the manner and form prescribed in the Uniform System of Accounts for Class B Water Utilities of the National Association of Regulatory Utility Commissioners issue of 1984, as modified by the Maine Public Utilities Commission, so far as the same are applicable to the business of such water utility. The Commission by an accounting order may require additional accounting entries, sub-categories, or reports as are necessary for its regulation of water utilities.

B. Any water utility may, unless or until otherwise ordered by the Commission or the Director of Finance, keep any subsidiary, divisional, or other records or accounts provided that such entries shall not impair the integrity of any account prescribed by this rule.

C. Any water utility may request the Commission or the Director of Finance to waive specific requirements of the uniform system of accounts. The request may be granted by an accounting order if good cause is shown.

D. All accounts shall be closed annually on December 31. On or before the following first day of April each water utility shall prepare a report, verified by an officer or owner, on forms furnished by the Commission. This report shall contain such information as the Commission shall prescribe.

E. All accounts shall be audited in accordance with Chapter 710 of the Rules of the Maine Public Utilities Commission (65-407 C.M.R. 710). A copy of the auditor's report, accompanied by the audited financial statements, shall be filed with the Commission not later than the first day of the fourth month following the 12-month period for which the audit was conducted, except that audit reports based on a fiscal year ending December 31 must be filed by the following July 1. (For example, the audit report for an audit on the basis of a fiscal year ending June 30 must be filed by the following October 1.) The utility shall file with the audited financial statements a cover sheet describing any discrepancies between the audited financial statements and the annual report or reports filed by the utility under section D which cover the same 12-month period as the audit.

F. For good cause shown, the Commission may waive any of the requirements of this Rule, provided such waiver does not unduly undermine the purposes of this Rule. The Commission may also subsequently rescind, alter, or amend any such waiver for good cause. The Commission delegates to the Director of Finance the authority to issue, rescind, alter, or amend a waiver with respect to any of the requirements of this Rule. This delegation in no way limits the Commission's authority to review the decision of the Director of Finance or to issue, rescind, alter, or amend a waiver directly.

Notes

EFFECTIVE DATE:
This rule was approved by the Secretary of State on December 9, 1988, and will be effective on December 14, 1988.
EFFECTIVE DATE (ELECTRONIC CONVERSION):
May 4, 1996
NON-SUBSTANTIVE CHANGES:
March 24, 1999

STATUTORY AUTHORITY: 35-A M.R.S.A. §§101 , 103 , 104 , 107 , 111 , 112 , 501 , 502 , 504 , and 505 , and 5 M.R.S.A. §8051.