Mississippi Administrative Code › Title 11 - Mississippi Department of Environmental Quality › Part 5 - Underground Storage Tank Regulations › Chapter 2 - Mississippi Commission on Environmental Quality Underground Storage Tanks Regulations Technical Standards and Corrective Action Requirements for Owners and Operators of Underground Storage Tanks (UST) (Adopted March 22, 1989; Amended August 25, 2011, Last Amended August 23, 2018) › Rule 11-5-2.8 - Financial Responsibility › Section 11-5-2.8-280.105 - Local government financial test

Current through June 25, 2024
(a) A local
				  government owner or operator may satisfy the requirements of § 280.93 by
				  passing the financial test specified in this section. To be eligible to use the
				  financial test, the local government owner or operator must have the ability
				  and authority to assess and levy taxes or to freely establish fees and charges.
				  To pass the local government financial test, the owner or operator must meet
				  the criteria of paragraphs (b)(2) and (b)(3) of this section based on year-end
				  financial statements for the latest completed fiscal year.
(b)
(1) The
				  local government owner or operator must have the following information
				  available, as shown in the year-end financial statements for the latest
				  completed fiscal year:
(i)
Total
				  revenues:
Consists of the sum of general fund operating and
				  non-operating revenues including net local taxes, licenses and permits, fines
				  and forfeitures, revenues from use of money and property, charges for services,
				  investment earnings, sales (property, publications, etc.), intergovernmental
				  revenues (restricted and unrestricted), and total revenues from all other
				  governmental funds including enterprise, debt service, capital projects, and
				  special revenues, but excluding revenues to funds held in a trust or agency
				  capacity. For purposes of this test, the calculation of total revenues shall
				  exclude all transfers between funds under the direct control of the local
				  government using the financial test (interfund transfers), liquidation of
				  investments, and issuance of debt.
(ii)
Total expenditures:
Consists of the sum of general fund operating and non-operating expenditures
				  including public safety, public utilities, transportation, public works,
				  environmental protection, cultural and recreational, community development,
				  revenue sharing, employee benefits and compensation, office management,
				  planning and zoning, capital projects, interest payments on debt, payments for
				  retirement of debt principal, and total expenditures from all other
				  governmental funds including enterprise, debt service, capital projects, and
				  special revenues. For purposes of this test, the calculation of total
				  expenditures shall exclude all transfers between funds under the direct control
				  of the local government using the financial test (interfund transfers).
(iii)
Local
				  revenues:
Consists of total revenues (as defined in paragraph
				  (b)(1)(i) of this section) minus the sum of all transfers from other
				  governmental entities, including all monies received from Federal, state, or
				  local government sources.
(iv)
Debt service:
Consists of the sum of all interest and
				  principal payments on all long-term credit obligations and all interest-bearing
				  short-term credit obligations. Includes interest and principal payments on
				  general obligation bonds, revenue bonds, notes, mortgages, judgments, and
				  interest bearing warrants. Excludes payments on non-interest-bearing short-term
				  obligations, interfund obligations, amounts owed in a trust or agency capacity,
				  and advances and contingent loans from other governments.
(v)
Total funds:
Consists of
				  the sum of cash and investment securities from all funds, including general,
				  enterprise, debt service, capital projects, and special revenue funds, but
				  excluding employee retirement funds, at the end of the local government's
				  financial reporting year. Includes Federal securities, Federal agency
				  securities, state and local government securities, and other securities such as
				  bonds, notes and mortgages. For purposes of this test, the calculation of total
				  funds shall exclude agency funds, private trust funds, accounts receivable,
				  value of real property, and other non-security assets.
(vi)
Population
consists of
				  the number of people in the area served by the local
				  government.