The Pennsylvania Department of Community and Economic Development (“DCED”) released its new Annual Report of Municipal Authorities and Authority Nonprofits. The Municipal Authorities Act of 1945 as amended by Act 22 of 2001 requires every authority whose fiscal year ends December 31 shall file an annual report with DCED on or before July 1 of the succeeding fiscal year. Authorities whose fiscal year end does not end on December 31 shall file the report within 90 days after the end of their fiscal year.
Beginning with 2018 fiscal year ends, DCED is requiring all Authorities to e-file their Annual Report of Municipal Authorities and Authority Nonprofits. For 2017 fiscal year ends, the process remains the same. DCED will mail a paper copy of the Annual Report of Municipal Authorities and Authority Nonprofits to the entity and Authorities are required to mail a completed paper copy of the report to DCED.
DCED prepared a tip sheet for the new report that contains information on reporting requirements, e-filing instructions, and definitions of line items included on the statement of net position, statement of revenues, expenditures, and changes in net position, statement of fiduciary net position, statement of changes in fiduciary net position, and the debt statement. For more detailed information on the changes, read DCED’s tip sheet available HERE