| (1) |
A town may accumulate retained earnings or fund balances, as appropriate, in any fund. |
Terms Used In Utah Code 10-5-113
- Fund: is a s defined by the Governmental Accounting Standards Board as reflected in the Uniform Accounting Manual for All Local Governments prepared by the Office of the Utah State Auditor. See Utah Code 10-5-102.5
- General fund: is a s defined by the Governmental Accounting Standards Board as reflected in the Uniform Accounting Manual for All Local Governments prepared by the Office of the Utah State Auditor. See Utah Code 10-5-102.5
- Governing body: means collectively the legislative body and the executive of any municipality. See Utah Code 10-1-104
- Town: means a municipality classified by population as a town under Section 10-2-301. See Utah Code 10-1-104
- Town general fund: means the general fund used by a town. See Utah Code 10-5-102.5
| (2) |
The accumulation of a fund balance in the town general fund may not exceed 100% of the total revenue of the town general fund for the current fiscal period. |
| (3) |
| (a) |
The town council may, in a budget year, appropriate from estimated revenue or excess fund balance in the town general fund to a reserve for capital improvements:
| (i) |
for the purpose of financing future specified capital improvements; and |
| (ii) |
in accordance with a formal long-range capital plan adopted by the governing body. |
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| (b) |
The reserves described in Subsection (3)(a) may accumulate from year to year in a capital improvements fund until the accumulated total is sufficient to permit economical expenditure for the specified purposes. |
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Amended by Chapter 52, 2021 General Session
