| (1) |
In its system of accounts, each county shall maintain the following funds or account groups that are appropriate to its needs:
Terms Used In Utah Code 17-36-6- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fund: means an independent fiscal and accounting entity comprised of a sum of money or other resources segregated for a specific purpose or objective. See Utah Code 17-36-3
- 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 17-36-3
- 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.
| (a) |
a county general fund; |
| (b) |
special revenue funds; |
| (c) |
debt service funds to account for the retirement of general obligation bonds or other long-term indebtedness including the payment of interest; |
| (d) |
capital project funds, as required to account for the application of proceeds from the sale of general obligation bonds or other general long-term debt, or funds derived from other sources, to the specific purposes for which they are authorized; |
| (e) |
a separate fund for each utility or enterprise such as an airport fund, a sewer fund, a water fund, or other similar funds; |
| (f) |
intragovernmental service funds; |
| (g) |
fiduciary funds such as a cemetery perpetual-care fund or a retirement fund; |
| (h) |
a separate fund for each special improvement district, which shall be known as a special assessment fund; |
| (i) |
a ledger or group of accounts to record the details relating to the general fixed assets of the county; |
| (j) |
a ledger or group of accounts to record the details relating to the general obligation bonds or other long-term indebtedness of the county; |
| (k) |
municipal services fund as required in Section 17-36-9; and |
| (l) |
any other funds for special purposes required or established under the uniform system of budgeting, accounting, and reporting. |
|
| (2) |
The county shall classify the funds and account groups established under the authority of this section according to the uniform procedures established by this chapter. |
Amended by Chapter 451, 2022 General Session
