7-6-4034. Determination of fund requirements -- property tax levy.
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7-6-4034 . Determination of fund requirements -- property tax levy.
(1)After determining the final budget, the governing body shall determine the property tax levy needed for each fund by:
(a)adding the total amount of the appropriations and authorized expenditures for the budget year;
(b)adding an additional amount, subject to the provisions of subsection (2), as a reserve to meet expenditures made from the fund during the months of July to November of the next fiscal year;
(c)subtracting the working capital; and
(d)subtracting the total estimated revenue, other than the property tax levy, for the budget year.
(2)After deducting from the amount of the appropriations and authorized expenditures the total amount appropriated and authorized to be spent for election expenses and payment of emergency warrants, the amount that may be added as a reserve, as provided in subsection (1)(b), to:
(a)a county's fund may not exceed one-third of the total amount appropriated and authorized to be spent from the fund during the current fiscal year; and
(b)a city's or town's fund may not exceed one-half of the total amount appropriated and authorized to be spent from the fund during the current fiscal year.