Compilation of Rules and Regulations of the State of Georgia
Department 110 - RULES OF GEORGIA DEPARTMENT OF COMMUNITY AFFAIRS
Chapter 110-3 - OFFICE OF COORDINATED PLANNING
Subject 110-3-4 - ANNUAL AUTHORITY REGISTRATION AND FINANCIAL REPORTING
Rule 110-3-4-.02 - Definitions
Current through Rules and Regulations filed through September 23, 2024
For the purpose of these rules, the following words will have the meaning as contained herein unless the context does not permit such meaning. Terms not defined in these rules but defined in O.C.G.A. § 36-81-8, et seq., will have the meanings contained therein. Terms not defined in these rules, or in O.C.G.A. § 36-81-8, et seq., will have ascribed to them the ordinary accepted meanings such as the context may imply.
(1) "Assets" means all property of a local independent authority as defined by Governmental Accounting and Financial Reporting Standards.
(2) "Bonded Indebtedness" means any long-term debt with an original term of more than one year. It includes revenue bonds and special assessment obligations issued in the name of companies, businesses, or particular agencies, etc.
(3) "Expenditures" means all expenditures/expenses of a local independent authority as defined by Governmental Accounting and Financial Reporting Standards.
(4) "Fiscal Year" means the 12-month accounting and reporting period established by a local independent authority, in accordance with Governmental Accounting and Financial Reporting Standards.
(5) "Governmental Accounting and Financial Reporting Standards" means the standards promulgated by the Governmental Accounting Standards Board (GASB); for financial reporting matters not specifically addressed in the GASB standards, by the American Institute of Certified Public Accountants; and, when specifically applicable, by other regulatory agencies such as the Federal Energy Regulatory Commission, the National Association of Regulatory Utility Commissioners.
(6) "Liabilities" means all financial obligations, including bonded indebtedness, of a local independent authority as defined by Governmental Accounting and Financial Reporting Standards.
(7) "Local Independent Authority" means each local public body corporate and politic created in and for a county, municipality, consolidated government, or combination thereof, which is authorized to issue bonds under the Constitution and laws of this state (O.C.G.A. § 36-81-8).
(8) "Revenues" means all income of a local independent authority as defined by Governmental Accounting and Financial Reporting Standards.
O.C.G.A. §§ 36-81-8; 36-80-16.
