63J-1-201.5. Financial statement to be submitted annually. The governor shall submit an audited financial statement no later than December 31 of each year that shows:
| (1) |
the revenues and expenditures for the last fiscal year; |
Terms Used In Utah Code 63J-1-201.5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
| (2) |
payment and discharge of the principal and interest of the indebtedness of the state; |
| (3) |
the current assets, liabilities, and reserves, surplus or deficit, and the debts and funds of the state; |
| (4) |
an estimate of the state’s financial condition as of the beginning and the end of the period covered by the budget; and |
| (5) |
a complete analysis of lease with an option to purchase arrangements entered into by state agencies. |
Amended by Chapter 12, 2020 Special Session 6
