athens tn acfr fy2022

Machine-read OCR text; verify every number, name, and layout against the original page.

CITY OF ATHENS, TENNESSEE
NOTES TO FINANCIAL STATEMENTS
June 30, 2022
Note 1. Summary of Significant Accounting Policies (continued)
A. Financial Reporting Entity (continued)
Blended Component Unit: (continued)

Athens City Board of Education (continued)

The Athens City Board of Education issues separate financial statements that may be obtained
at the Board of Education’s administrative office at Athens City Schools, 943 Crestway Drive,
Athens, Tennessee 37303.

Discretely Presented Component Unit:

Athens Utilities Board

The Athens Utilities Board (Utilities Board) provides power, fiber optics, water, gas and sewer
services to residential, commercial and industrial customers located in Athens, Tennessee and
surrounding areas. The Utilities Board is governed by a five-member commission appointed by
the City Council. The City Council has authority over the Utilities Board and prescribes the
rules and regulations with which the Utilities Board must comply. The Utilities Board reports
as four separate accounting and reporting entities presenting divisional financial statements on
its business-type activities in accordance with enterprise fund accounting requirements.
Complete financial statements may be obtained at the Utilities Board’s administrative office at
Athens Utilities Board, 100 New Englewood Road, Athens, Tennessee 37303.

Other Related Organizations:

Athens Housing Authority

The Athens Housing Authority Board consists of five members appointed by the Mayor. The
Department of Housing and Urban Development subsidizes Housing Authority operations and
sets rates charged for housing. The debts of the Housing Authority are not secured by the City
and deficits are not financed by the City.

McMinn County Economic Development Authority

This independent corporation is governed by a twenty-member board, only one of which is a
City official, The activities of the Economic Development Authority include industrial
recruitment, assistance in expansion of existing industries, and development of industrial parks.
The Authority has the power to issue its own debt.

= pol.