Code of Maine Rules › 65 - DEPARTMENT OF PUBLIC UTILITIES COMMISSION › 407 - PUBLIC UTILITIES COMMISSION › Chapter 610 - UNIFORM SYSTEM OF ACCOUNTS FOR WATER COMPANIES

Current through 2024-29, July 17, 2024
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.
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.