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(65 ILCS 5/11-117-13) (from Ch. 24, par. 11-117-13)
Sec. 11-117-13. Any municipality, owning a public utility, shall keep
the accounts for each public utility distinct from other municipal
accounts and in such manner as to show the true and complete financial
results of municipal ownership or ownership and operation, as the case
may be. These accounts shall be so kept as to show (1) the actual cost
of the municipality of each public utility owned; (2) all costs of
maintenance, extension, and improvement; (3) all operating expenses of
every description, in case of municipal operation; (4) the amounts set
aside for sinking fund purposes; (5) if water or other service is
furnished for the use of a public utility without charge, as nearly as
possible, the value of that service and also the value of any similar
service rendered by each public utility to any other municipal
department without charge; (6) reasonable allowances for interest,
depreciation, and insurance; and (7) estimates of the amount of taxes
that would be chargeable against each public utility if owned by a
private corporation.
The corporate authorities shall print annually for public
distribution, a report, in the form specified in this Section, showing
the financial results of the municipal ownership or ownership and
operation. The accounts of each public utility shall be examined once
each year by a licensed Certified Public Accountant permitted to perform audits under the Illinois Public Accounting Act who shall report to the corporate
authorities the results of his examination. This accountant shall
be selected in such manner as the corporate authorities may direct, and
he shall receive for his services such compensation, to be paid out of
the revenue from each public utility, as the municipality may prescribe.
(Source: P.A. 94-465, eff. 8-4-05.)
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