(1)  The county legislative body may create a reserve fund.

Terms Used In Utah Code 17-31-3

  • County legislative body: means :Utah Code 68-3-12.5
  • 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.
  • Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to:
(a) the power and duty to enact ordinances, levy taxes, and establish budgets; and
(b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101
(2) 

(a)  Subject to Subsections (2)(b) and (c), a county legislative body shall retain any transient room tax funds collected but not expended during any fiscal year in the reserve fund to be used in accordance with Sections 17-31-2 through 17-31-5.

(b)  Except as described in Subsection (2)(c), accumulated unappropriated surplus in the reserve fund, as determined before the county’s adoption of a tentative budget, may not exceed 50% of the total transient room tax revenue for the current fiscal year.

(c)  For a fiscal year beginning on or after July 1, 2019, and ending on or before July 1, 2023:

(i)  if a county receives more than 150% of total transient room tax revenue in the fiscal year compared to the total transient room tax revenue received in the previous fiscal year, accumulated unappropriated surplus in the reserve fund, as determined before the county’s adoption of a tentative budget, may not exceed 50% of the total transient room tax revenue for the previous fiscal year plus an amount equal to the total transient room tax revenue that is more than 100% of total transient room tax revenue from the previous fiscal year; and

(ii)  if a county adds to the county’s reserve fund an amount equal to the total transient room tax revenue that is more than 100% of total transient room tax revenue from the previous fiscal year as authorized in Subsection (2)(c)(i), the county may expend that additional reserve fund money for visitor management and destination development subject to the requirements described in Subsections 17-31-2(6)(a)(ii)(A) and (B).

Amended by Chapter 360, 2022 General Session

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