Connecticut Administrative Code › Title 16 - Public Service Companies › 27 - Uniform System Of Accounts › Section 16-27-1 - Private sewerage utilities

Current through July 10, 2024
Part 1
DEFINITIONS
When used in this system of accounts:
1. "Accounts" means the accounts prescribed
			 in this system of accounts.
2.
			 "Amortization" means the gradual extinguishment of an amount in an account by
			 distributing such amount over a fixed period, over the life of the asset or
			 liability to which it applies, or over the period during which it is
			 anticipated the benefit will be realized.
3. "Book cost" means the amount at which
			 property is recorded in these accounts without deduction of related provisions
			 for accrued depreciation, amortization or for other purposes.
4. "Commission," unless otherwise indicated
			 by the context, means the commission prescribing this system of
			 accounts.
5. "Cost" means the
			 amount of money actually paid for property or services. When the consideration
			 given is other than each, the value of such consideration shall be determined
			 on a cash basis.
6. "Cost of
			 removal" means the cost of demolishing, dismantling, tearing down or otherwise
			 removing utility plant, including the cost of transportation and handling
			 incidental thereto.
7.
			 "Depreciation," as applied to depreciable utility plant, means the loss in
			 service value not restored by current maintenance, incurred in connection with
			 the consumption or prospective retirement of utility plant in the course of
			 service from causes which are known to be in current operation and against
			 which the utility is not protected by insurance. Among the causes to be given
			 consideration are wear and tear, decay, action of the elements, inadequacy,
			 obsolescence, changes in the art, changes in demand and requirements of public
			 authorities.
8. "Investment
			 advances" means advances, represented by notes or by book accounts only, with
			 respect to which it is mutually agreed or intended between the creditor and
			 debtor that they shall be settled by the issuance of securities or shall not be
			 subject to current settlement.
9.
			 "Minor items of property" means the associated parts or items of which
			 retirement units are composed.
10.
			 "Net salvage value" means the salvage value of property retired less the cost
			 of removal.
11. "Original cost," as
			 applied to utility plant, means the cost of such property to the person first
			 devoting it to public service.
12.
			 "Property retired," as applied to utility plant, means property which has been
			 removed, sold, abandoned, destroyed, or which for any cause has been withdrawn
			 from service.
13. "Replacing" or
			 "replacement," when not otherwise indicated in the context, means the
			 construction or installation of utility plant in place of property retired,
			 together with the removal of the property retired.
14. "Retirement units" means those items of
			 utility plant which, when retired, with or without replacement. are accounted
			 for by crediting the book cost thereof to the utility plant account in which
			 included.
15. "Salvage value" means
			 the amount received for property retired, less any expenses incurred in
			 connection with the sale or in preparing the property for sale; or, if
			 retained, the amount at which the material recoverable is chargeable to
			 materials and supplies, or other appropriate account.
16. "Service life" means the time between the
			 date utility plant is includible in utility plant in service, or utility plant
			 leased to others, and the date of its retirement. If depreciation is accounted
			 for on a production basis rather than on a time basis, then service life should
			 be measured in terms of the appropriate unit of production.
17. "Service value" means the difference
			 between original cost and net salvage value of utility plant.
18. "Utility," as used herein and when not
			 otherwise indicated in the context, means any public utility to which this
			 system of accounts is applicable.