South Carolina Code of Regulations › Chapter 61 - DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL › Subchapter 61-92 - UNDERGROUND STORAGE TANK CONTROL REGULATIONS › Part 280 - TECHNICAL STANDARDS AND CORRECTIVE ACTION REQUIREMENTS FOR OWNERS AND OPERATORS OF UNDERGROUND STORAGE TANKS (UST) › Subpart H - FINANCIAL RESPONSIBILITY › Section 61-92.280.H.105 - LOCAL GOVERNMENT FINANCIAL TEST

Current through Register Vol. 48, No. 6, June 28, 2024
(a) A local government owner or operator may
				  satisfy the requirements of Section 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 obligation, interfund obligation, 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.