Q&A: Water company financial statement

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From the Vincennes Sun-Commercial:

Q: Does Indiana have a requirement that local/municipally owned water companies publish their financial statement?

A: The answer depends on the amount of independence the municipal utility has from the city.

If the mayor and city council run it, for example, then its operation would be part of the city’s annual report. Hence there would be no requirement for a separate public notice.

If the utility has a separate board with the authority to levy taxes to pay for the operation and its budget is greater than $300,000, the municipal utility would, under IC 5-3-1-3.5, be required to publish a public notice of its annual financial report within 60 days after the end of the calendar year.

Contact Steve Key, HSPA executive director and general counsel, with media law questions at skey@hspa.com or (317) 624-4427.

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