Waterworks com panies with operating revenues for the immediately preceding fiscal year of less than $250,000 are not required to file the financial statements described in section 8197-2.1(a) of this Subpart, provided that they file an application for exemption from that requirement. Waterworks companies with operating revenues for the immediately preceding fiscal year of at least $250,000 but less than $700,000 shall file audited financial statements.
N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 8197-2.5