11-36a-601. Accounting of impact fees.

247 words·~1 min read·/ut/title-11/chapter-36a/11-36a-601

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/9/2017

A local political subdivision that collects an impact fee shall:

(1)establish a separate interest bearing ledger account for each type of public facility for which an impact fee is collected;

(2)deposit a receipt for an impact fee in the appropriate ledger account established under Subsection

(1);

(3)retain the interest earned on each fund or ledger account in the fund or ledger account;

(4)at the end of each fiscal year, prepare a report that:

(a)for each fund or ledger account, shows:

(i)the source and amount of all money collected, earned, and received by the fund or ledger account during the fiscal year; and

(ii)each expenditure from the fund or ledger account;

(b)accounts for all impact fee funds that the local political subdivision has on hand at the end of the fiscal year;

(c)identifies the impact fee funds described in Subsection (4)(b) by:

(i)the year in which the impact fee funds were received;

(ii)the project from which the impact fee funds were collected;

(iii)the project for which the impact fee funds are budgeted; and

(iv)the projected schedule for expenditure; and

(d)is:

(i)in a format developed by the state auditor;

(ii)certified by the local political subdivision's chief financial officer; and

(iii)transmitted to the state auditor within 180 days after the day on which the fiscal year ends.

Amended by Chapter 394 , 2017 General Session