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Utility Budgeting and Audits


Pursuant to TCA § 9-21, utility systems are required to adopt an annual budget that is balanced. The annual budget must be on the same basis of accounting as generally accepted accounting principles (GAAP), and submitted to the Comptroller of the Treasury for approval within two months of the beginning of the fiscal year. The Division of Local Government Finance provides budgetary oversight and guidance for counties, metropolitan governments, municipalities, municipal energy authorities, water & wastewater authorities, and utility districts.


The Division of Local Government Audit is responsible for the the annual financial and compliance audits of all local government entities with statutory audit requirements. Local Governments are required to publish a financial report within six months of every fiscal year end.