11-13-506. Budget required for certain funds — Capital projects fund.
| (1) |
The budget officer shall prepare for each budget year a budget, subject to Section 11-13-507, for each of the following funds, to the extent applicable:
Terms Used In Utah Code 11-13-506- Budget: means a plan of financial operations for a fiscal year that embodies estimates of proposed expenditures for given purposes and the proposed means of financing them, and may refer to the budget of a particular fund for which a budget is required by law or may refer collectively to the budgets for all required funds. See Utah Code 11-13-501
- Budget year: means the fiscal year for which a budget is prepared. See Utah Code 11-13-501
- Fund: has the meaning provided in generally accepted accounting principles. See Utah Code 11-13-501
- General fund: has the meaning provided in generally accepted accounting principles. See Utah Code 11-13-501
- Generally accepted accounting principles: means the accounting principles and standards promulgated from time to time by authoritative bodies in the United States. See Utah Code 11-13-501
- Interlocal entity: includes a governmental nonprofit corporation, as that term is defined in Section 11-13a-102. See Utah Code 11-13-501
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Proprietary fund: means enterprise funds and the internal service funds of an interlocal entity. See Utah Code 11-13-501
| (a) |
the general fund; |
| (b) |
each special revenue fund, as that term is used in generally accepted accounting principles; |
| (c) |
each debt service fund, as that term is used in generally accepted accounting principles; |
| (d) |
each capital projects fund, as that term is used in generally accepted accounting principles; |
| (e) |
each proprietary fund in accordance with Section 11-13-524; and |
| (f) |
if the interlocal entity has a local fund, as defined in Section 53-2a-602, the local fund. |
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| (2) |
| (a) |
A major capital improvement financed by general obligation bonds, capital grants, or interfund transfers shall use a capital projects fund budget unless the improvement financed is to be used for proprietary type activities. |
| (b) |
The interlocal entity shall prepare a separate budget for the term of a capital improvement described in Subsection (2)(a) as well as the annual budget required under Subsection (1). |
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Enacted by Chapter 265, 2015 General Session
