Budgetary accounts: means those accounts necessary to reflect budgetary operations and conditions, such as estimated revenues, appropriations, and encumbrances. See Utah Code 51-5-3
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
Fiscal period: means any period at the end of which a governmental unit determines its financial position and the results of its operations. See Utah Code 51-5-3
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.
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
GASB: means the Governmental Accounting Standards Board that is responsible for accounting standards used by public entities. See Utah Code 51-5-3
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Postemployment: means that period of time following:
(a)
the last day worked by an employee as a result of his long-term disability; or
(b)
the date that an employee identifies as the date on which the employee intends to retire or terminate from state employment. See Utah Code 51-5-3
Postemployment benefits: means benefits earned by employees that will not be paid until postemployment, including unused vacation leave, unused converted sick leave, sick leave payments, and health and life insurance benefits as provided in Section 63A-17-501. 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
(a)
use generally accepted accounting principles applicable to governmental units in:
(i)
its accounting procedures; and
(ii)
its reports of the state‘s financial position and results of operations in each fiscal period; and
(b)
note any deviation for budget purposes in the state’s financial statements.
(2)
Unless otherwise required by generally accepted accounting principles, the following specific procedures shall be implemented:
(a)
The Division of Finance shall use the basis of accounting established by GASB for financial reporting of each fund type.
(b)
The Division of Finance shall:
(i)
calculate the liabilities associated with postemployment benefits by applying:
(A)
GASB standards as they become available; or
(B)
appropriate standards available for private business if GASB standards are not available;
(ii)
recognize all liabilities associated with postemployment benefits in a separate fund for budget purposes and in the General Fund or other funds as required by GASB for reporting purposes;
(iii)
provide for an ongoing labor additive beginning in the budget request for fiscal year 1995 to charge all federal, state, or other programs at a rate sufficient to cover the annual change in the postemployment benefits liabilities of the separate budget fund; and
(iv)
provide for ongoing payments against the postemployment liabilities budget fund as employees qualify for receiving the postemployment benefits.
(c)
The Division of Finance shall post receipts of revenues and other resources of each fund when collected directly to the fund designated to receive them.
(d)
The Division of Finance shall use budgetary accounts to:
(i)
account for budgetary funds to the extent necessary to reflect the budget position and budget operations; and
(ii)
account for the remaining funds when administrative expenses of the remaining funds are subject to appropriations, in order to fully reflect the various budgetary commitments as provided by law.
(e)
The Division of Finance shall prepare statements of revenues and expenditures in a form that accurately reflects the results of operations for a particular fiscal period.
(f)
The Division of Finance shall determine:
(i)
all costs associated with all internal service funds that are eligible for federal reimbursement; and
(ii)
all costs that are required to be included in the funds to comply with generally accepted accounting principles.
(g)
(i)
All costs currently borne by a fund or an account that is not an internal service fund that should be allocated to an internal service fund may be charged as an expense to the internal service fund, paid to the fund bearing the costs, and recorded as interfund revenue in that fund.
(ii)
The Division of Finance may transfer the interfund revenue recorded in funds or accounts that are not internal service funds to the internal service fund as contributed working capital.
(h)
The Division of Finance shall record revenue in the various funds and accounts in accordance with generally accepted accounting principles.
(i)
(i)
The Division of Finance and each administrative unit of state government shall record accrued revenue net of any liabilities for revenue refunds as required by Division of Finance policy.
(ii)
Accrued revenue may be used to offset postemployment benefit liabilities and other liabilities of the state.
Amended by Chapter 85, 1993 General Session Amended by Chapter 128, 1993 General Session Amended by Chapter 212, 1993 General Session
