athens tn acfr fy2024

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CITY OF ATHENS, TENNESSEE
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2024
A - 21
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The Reporting Entity (continued)
Discretely Presented Component Units
Athens Utilities Board (Utilities Board)
The 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 five 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 (Housing Authority)
The Housing Authority 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 (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 Economic 
Development Authority has the power to issue its own debt.
E. G. Fisher Public Library (the Board)
The City of Athens and McMinn County participate in the joint operation of E. G. Fisher Public 
Library. The McMinn County Library Board is responsible for administering the joint library. 
This Board consists of seven members, of which four are appointed by the County Commission 
and three are appointed by the City Council. The Board directs all the internal affairs of the 
library, and such assistants or employees as may be necessary.
(Continued)