§ 134-364. Annual financial reporting requirement.

(a)

Each utility shall annually, within 120 days of the close of its fiscal year, file with the authority a financial report of its operation in Collier County during the fiscal year. Such report shall be sworn to by the financial officer of the utility. Any end-of-fiscal-year adjustments in the total regulatory fee paid to the county during the fiscal year then being reported shall be paid concurrently with submission of the annual report, or where an annual report correctly shows that overpayments of regulatory fees had been paid by the utility during the fiscal year being reported, a final order allowing credit for the amount of those overpayments shall be issued by the authority for the next fiscal year provided the utility is not then delinquent in the payment of any other monies owed to the county.

(b)

If a utility provides utility service in Collier County through a subsidiary or separate operating division of a parent corporation which does business in any location other than Collier County, the annual financial report and an audited financial statement required by this section shall be provided by the utility in such form as to clearly reveal the financial details of the Collier County operations separate from all other operational units of the parent corporation.

(c)

If the utility has an outstanding loan that is secured by utility assets, the utility must describe in its annual financial report the status of the loan and the status of the utility improvement being paid for by such borrowed funds.

(d)

Each franchisee that fails to promptly submit to the county all required fees and its accurate annual financial report within the prescribed time shall pay to the county a late charge of one percent of the delinquent fee per month, or fraction thereof.

(Ord. No. 96-6, § 1-14, 2-27-96)