Utah Code 11-36a-601. Accounting of impact fees

11-36a-601. Accounting of impact fees.
A local political subdivision that collects an impact fee shall:

(1)	establish a separate interest bearing ledger account for each type of public facility for which an impact fee is collected;

Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Impact fee: means a payment of money imposed upon new development activity as a condition of development approval to mitigate the impact of the new development on public infrastructure. See Utah Code 11-36a-102
Local political subdivision: means a county, a municipality, a special district under Title 17B, Limited Purpose Local Government Entities - Special Districts, a special service district under Title 17D, Chapter 1, Special Service District Act, or the Point of the Mountain State Land Authority, created in Section 11-59-201. See Utah Code 11-36a-102
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5

(2)	deposit a receipt for an impact fee in the appropriate ledger account established under Subsection (1);

(3)	retain the interest earned on each fund or ledger account in the fund or ledger account;

(4)

at the end of each fiscal year, prepare a report that:

(a)

for each fund or ledger account, shows:

(i)	the source and amount of all money collected, earned, and received by the fund or ledger account during the fiscal year; and

(ii)	each expenditure from the fund or ledger account;

(b)	accounts for all impact fee funds that the local political subdivision has on hand at the end of the fiscal year;

(c)

identifies the impact fee funds described in Subsection (4)(b) by:

(i)	the year in which the impact fee funds were received;

(ii)	the project from which the impact fee funds were collected;

(iii)

the project for which the impact fee funds are budgeted; and

(iv)	the projected schedule for expenditure; and

(d)

is:

(i)	in a format developed by the state auditor;

(ii)	certified by the local political subdivision’s chief financial officer; and

(iii)

transmitted to the state auditor within 180 days after the day on which the fiscal year ends.

Amended by Chapter 394, 2017 General Session