Negative Change in Net Assets at Water Department

The State of Tennessee Comptroller of the Treasury office sent a letter to the Mayor and Board of Aldermen at the end of March putting them on notice that if the water and sewer department operates two years in a row having a negative change in net assets, it will be defined as a financially distressed system.  In addition, the letter stated requirements of future financial reporting applicable to “unaccounted for” water.

To see the letter from Marcee Burnett, Auditor with the Division of Municipal Audits, full size click.

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