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Terms Used In Utah Code 51-5-4- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Expenditures: means decreases in net financial resources from other than interfund transfers, refundings of general long-term capital debt, and other items indicated by GASB. See Utah Code 51-5-3
- Fiduciary: A trustee, executor, or administrator.
- Financial resources: includes cash, claims to cash such as taxes receivable, and claims to goods or services such as prepaids. See Utah Code 51-5-3
- Function: means a group of related activities aimed at accomplishing a major service or regulatory program for which a governmental unit is responsible. See Utah Code 51-5-3
- Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts, composed of financial resources and other assets, all related liabilities and residual equities or balances and changes in those resources, assets, liabilities, and equities that, when recorded, are segregated for the purpose of carrying on specific activities or attaining certain objectives, according to special regulations, restrictions, or limitations. See Utah Code 51-5-3
- Highway: includes :Utah Code 68-3-12.5
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
- Proprietary funds: means those funds or subfunds that show actual financial position and the results of operations, such as actual assets, liabilities, reserves, fund balances, revenues, and expenses. See Utah Code 51-5-3
- Revenue: means the increase in ownership equity during a designated period of time that is recognized as earned. See Utah Code 51-5-3
- 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
- Statute: A law passed by a legislature.
- Subfund: means a restricted account, established within an independent fund, that has a self-balancing set of accounts to restrict revenues, expenditures, or the fund balance. See Utah Code 51-5-3
- Trustee: A person or institution holding and administering property in trust.
(a) |
(i) |
The funds enumerated in this section are established as major fund types. |
(ii) |
All resources and financial transactions of Utah state government shall be accounted for within one of these major fund types. |
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(b) |
(i) |
All funds or subfunds shall be consolidated into one of the state’s major fund types. |
(ii) |
Where a specific statute requires that a fund or account be established, that fund or account shall be accounted for as an individual fund, subfund, or account within the major fund type to meet generally accepted accounting principles. |
(iii) |
Existing and new activities of state government authorized by the Legislature shall be accounted for within the framework of the major fund types established in this section. |
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(c) |
The Division of Finance shall determine the accounting classification that complies with generally accepted accounting principles for all funds, subfunds, or accounts created by the Legislature. |
(d) |
(i) |
Major fund types shall be added by amending this chapter. |
(ii) |
Whenever a new act creates or establishes a fund, subfund, or account without amending this chapter, the reference to a fund, subfund, or account in the new act shall be classified within one of the major fund types established by this section. |
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