Tennessee § 68-211-874 - Accounting for financial activities — Funds — Uniform solid waste financial accounting system — Development — Approval — Requirement for state funds.

§ 68-211-874. Accounting for financial activities — Funds — Uniform solid waste financial accounting system — Development — Approval — Requirement for state funds.

Each county, solid waste authority and municipality shall account for financial activities related to the management of solid waste in accordance with generally accepted accounting principles (GAAP). The activities related to the management of solid waste must be accounted for in either a special revenue or enterprise fund, unless explicitly prohibited by GAAP. Where GAAP prohibits the use of a special revenue or enterprise fund, the solid waste financial activities may be individually accounted for in the general fund, as a separate department, program or function and sufficient detail shall be reported in the annual financial report to identify all applicable revenues and expenditures related to the management of solid waste. Any county, solid waste authority or municipality that operates a landfill and/or incinerator shall account for financial activities related specifically to that landfill and/or incinerator in an enterprise fund. Each county, solid waste authority and municipality shall use a uniform solid waste financial accounting system and chart of accounts developed by the comptroller of the treasury. The comptroller of the treasury is directed to develop a uniform financial accounting system conforming to generally accepted accounting principles for use as required by this section. Such uniform accounting system shall be subject to the approval of the commissioner of finance and administration. Upon such approval, each county shall establish and maintain the uniform solid waste financial accounting system. No state funds for solid waste management shall be released to a county, solid waste authority or municipality unless financial activities related to the management of solid waste are accounted for in accordance with GAAP. The activities related to the management of solid waste must be accounted for in either a special revenue or enterprise fund unless explicitly prohibited by GAAP. Where GAAP prohibits the use of a special revenue or enterprise fund, the solid waste financial activities may be individually accounted for in the general fund as a separate department, program or function and sufficient detail shall be reported in the annual financial report to identify all applicable revenues and expenditures related to the management of solid waste. No state funds for solid waste management shall be released to a county, solid waste authority or municipality that operates a landfill and/or incinerator unless financial activities related to that landfill and/or incinerator are accounted for in an enterprise fund. Acts 1991, ch. 451, § 52; T.C.A., § 68-31-874 ; Acts 1992, ch. 759, §§ 1, 2; 2013, ch. 49, §§ 1, 2. Compiler's Notes. Former title 68, ch. 31, parts 1-9 were transferred to title 68, ch. 211, parts 1-9, respectively, in 1992. See the parallel reference table in § 68-211-101 for the former and new section locations. Amendments. The 2013 amendment, in (a), substituted “in accordance with generally accepted accounting principles (GAAP)” for “in either a special revenue fund or an enterprise fund established expressly for that purpose” at the end of the first sentence and added the second and third sentences; and, in (d), substituted “in accordance with GAAP” for “in either a special revenue fund or an enterprise fund established solely for that purpose” at the end of the first sentence and added the second and third sentences. Effective Dates. Acts 2013, ch. 49, § 3. March 26, 2013.