(1) (a) On or before June 1 of each year, the executive director of the department of revenue shall ascertain the aggregate amount of gross operating revenues of telephone corporations and all other public utilities filing returns as provided in section 40-2-111. Based on appropriations made by the general assembly, the executive director of the department of regulatory agencies shall specify, for the telecommunications utility fund, created in section 40-2-114 (1)(b)(I), and the public utilities commission fixed utility fund, created in section 40-2-114 (1)(b)(II), the revenue needed to provide for the direct and indirect costs of the supervision and regulation of telephone corporations and all other public utilities under the jurisdiction of the department of regulatory agencies, excluding the amount of money provided as administrative support from the various telecommunications programs administered by the commission, including the high cost support mechanism, established in section 40-15- 208, the 911 surcharge, established in section 29-11-102.3, the 988 surcharge, established in section 40-17.5-102, and the telecommunications relay service surcharge, established in section 40-17-103. (b) (I) For each telephone corporation, the executive director of the department of regulatory agencies shall compute the percentage which the amount of revenue needed for the direct and indirect costs of the supervision and regulation of telephone corporations is of the aggregate amount of gross operating revenues of the telephone corporation derived from intrastate utility business transacted during the preceding calendar year, and that percentage shall be the basis upon which fees due from telephone corporations for the ensuing year shall be fixed. (II) For each public utility other than a telephone corporation, the executive director of the department of regulatory agencies shall compute the percentage which the amount of revenue needed for the direct and indirect costs of the supervision and regulation of public utilities other than telephone corporations is of the aggregate amount of gross operating revenues of such public utilities derived from intrastate utility business transacted during the preceding calendar year, and that percentage shall be the basis upon which fees due from the public utilities for the ensuing year shall be fixed. (2) In recognition of the fact that nonprofit generation and transmission electric corporations or associations may be subject to less regulation and to no rate regulation by the commission, the executive director of the department of revenue shall disregard any revenues reported by such entities in making the computations required under subsection (1) of this section. In addition, the executive director of the department of revenue shall, in consultation with the director of the commission, enter into an agreement with each nonprofit generation and transmission electric corporation or association whereby such entity agrees to pay an amount equal to the administrative expenses reasonably anticipated to be incurred by the commission for the regulation of such entity. Said agreement shall be made by May 1 of the year in which it is to become effective and shall remain effective for not less than two and not more than five years. In the event that the anticipated amount set forth in the agreement proves to be substantially higher or lower than the commission's actual expenses incurred, the agreement for the next following year or years shall be adjusted so as to take such fact into account. If no such agreement is made as provided in this subsection (2), the commission, on its own motion or upon application by the executive director of the department of revenue or by such entity, shall set the matter for hearing and determine the amount to be paid by the entity. Amounts paid under agreements as contemplated by this subsection (2) or by order of the commission shall be used to reduce amounts paid by other utilities under subsection (1) of this section.
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