| (1) |
Direct or indirect references to the word “fund,” or any other synonymous word contained in the Utah Code Annotated 1953, that is used to identify a separate accounting entity, means a fund account or subfund except where that fund meets the definition of a major fund type according to generally accepted accounting principles. |
Terms Used In Utah Code 51-5-8
- 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
- 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
- Governmental fund: includes the following types: General Fund, special revenue funds, debt service funds, capital projects funds, and permanent funds. 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
- 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
- Surplus: means the excess of the assets of a fund over its liabilities and restricted fund equity. See Utah Code 51-5-3
- Unappropriated surplus: means that portion of the surplus of a given fund that is not segregated for specific purposes. See Utah Code 51-5-3
- Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:Utah Code 68-3-12.5
| (2) |
The following terms and all other terms similar in meaning, except when they meet the definition of a fund in accordance with generally accepted accounting principles, mean a subfund or account within the funds established by this chapter: “special funds”; “separate funds”; “departmental funds”; “association funds”; “trust,” such as “in trust” or “held in trust”; “deposits,” such as “security deposits” or “certificates of deposit”; “reserves,” such as “special reserves,” “contingent reserves,” and “reserve funds”; “accounts,” such as “special accounts” or “clearing accounts”; and “collections,” such as “departmental collections” or “dedicated credits.” |
| (3) |
Provisions of law governing the assessment and collection of the state‘s various taxes, licenses, permits, fees, and other charges and provisions controlling the expenditures of those revenues remain in force and are undisturbed by the provisions of this chapter. |
| (4) |
Provisions of law that specify that the balance in a fund reverts or is closed out to another fund means that the balance in that fund reverts to the unappropriated surplus account of the governmental fund in which that fund is placed. |
| (5) |
Provisions of law that specify that the balance in a fund does not lapse or otherwise become part of the state General Fund means that the balance in that fund does not lapse or otherwise become part of the unappropriated surplus account of the fund in which that fund is placed. |
Amended by Chapter 175, 2001 General Session
