FL S0840

Requires entities created under the Interlocal Cooperation Act of 1969 that supply electricity to member municipalities to submit independently prepared annual financial statements for each generation asset to the Public Service Commission and member municipalities.

Financial statements must include balance sheets, income statements, cash flow statements, and current fair market value assessments for each generation asset, with hedging gains and losses separately itemized.

Fair market value statements must show each member municipality's equity position and net return of equity or cost to exit the entity based on current generation asset market values.

Restricts governing body membership to elected officials from member municipalities, with current non-elected members allowed to serve until their terms expire, but no later than July 1, 2018.

Effective date is July 1, 2016.