Legislation and Regulations
Clean Water State Revolving Fund (CWSRF)
- Title 33, Chapter 26, Subchapter VI – (Subtitle VI of the Clean Water Act, as amended) - 33 USC 1383: State Water Pollution Control Revolving Funds
- CWSRF Regulations - 40 CFR Part 35.31 Subpart K
Drinking Water State Revolving Fund (DWSRF)
Kentucky Uniform System of Accounting
KRS 224A mandates that the Kentucky Infrastructure Authority (Authority) set a condition for entities receiving assistance from any fund administered by the Authority for infrastructure projects to “maintain project accounts in accordance with generally-accepted governmental accounting standards.” This accounting standard must also be applied uniformly to all applicants within a class. In accordance with this statutory requirement, the
Kentucky Uniform System of Accounting (KUSoA) has been adopted by the Authority for use by fund recipients.
The KUSoA includes three elements: Section I: Budget; Section II: Chart of Accounts; and Section III: Monthly Management Report. Also included is an Account Distribution Index for easy reference to specific items within each account.
For simplicity, the Authority uses the same classification of utilities presently used by the Kentucky PSC, wherein Class A & B Utilities are those which exceed $250,000 gross revenue in a year. Class C are those Utilities which generated less that $250,000 in a year.
It is important to note that the Kentucky Uniform System of Accounting is a minimum standard. Utilities which are not currently using each of the elements cited above must adopt and adhere to those contained herein. Utilities which have in place accounting elements similar to those cited above may elect to have an independent Certified Public Accountant submit a statement certifying to the Authority that the Utility’s accounting elements are substantially the same as those of the KUSoA, and that the definitions contained in its chart of accounts are materially the same of those of the KUSoA. The Authority will then direct the Utility to provide its account enumeration/identification system with appropriate reference to the respective accounts in the KUSoA chart of accounts, generally referred to as a “crosswalk”, and may declare the Utility to be in compliance with this requirement of the statute.
Adherence to the KUSoA by the funding recipient is a condition of award of the subsidized loan or grant and is so stated in the assistance agreement. Failure to adopt and adhere to the KUSoA, or an approved alternative system, by June 30, 2004, constitutes breach of contract and may result in contract revocation and recall of funding.
Finally, all those utilities under the jurisdiction of the Kentucky Public Service Commission (PSC) must continue to use and comply with the chart of accounts as promulgated by the PSC.