Utah Code 63J-3-202. Computing formula elements

63J-3-202. Computing formula elements.

(1)

For purposes of calculating fiscal year inflation indexes for the previous fiscal year, the Governor’s Office of Planning and Budget shall use:

Calendar year: means the time period beginning on January 1 of any given year and ending on December 31 of the same year. See Utah Code 63J-3-103
Fiscal year: means the time period beginning on July 1 of any given year and ending on June 30 of the subsequent year. See Utah Code 63J-3-103
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.
Inflation index: means the change in the general price level of goods and services as measured by the Gross National Product Implicit Price Deflator of the Bureau of Economic Analysis, U. See Utah Code 63J-3-103
Population: means the number of residents of the state as of July 1 of each year as calculated by the Governor's Office of Planning and Budget according to the procedures and requirements of Section 63J-3-202. See Utah Code 63J-3-103
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)	the actual quarterly data released by the U.S. Department of Commerce as of January 31 of each year; and

(b)	the most recent U.S. Bureau of Census population estimates as of January 31 of each year.

(2)

(a)

For purposes of computing the inflation index, the Governor’s Office of Planning and Budget shall:

(i)	assign the bureau’s 1982 calendar year inflation index value of 100 to fiscal year 1989 for purposes of computing fiscal year index values;

(ii)	compute all subsequent fiscal year inflation indexes after having assigned the fiscal year 1989 inflation index a value of 100; and

(iii)

use the quarterly index values published by the Bureau of Economic Analysis, U.S. Department of Commerce, to compute fiscal year index values.

(b)	If the bureau changes its calendar base year, appropriate adjustments are to be made in this chapter to accommodate those changes.

(3)

(a)	For purposes of computing the most recent fiscal year’s population, the Governor’s Office of Planning and Budget shall convert the April 1 decennial census estimate to a July 1 estimate, unless otherwise estimated by the Bureau of Census.

(b)	If the bureau changes the state‘s July 1, 1983 base year population after it conducts the 1990 Census, appropriate adjustments shall be made in this chapter to accommodate those changes.

Amended by Chapter 382, 2021 General Session