17C-1-605. Audit report.

173 words·~1 min read·/ut/title-17c/chapter-1/17c-1-605

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

Effective 5/5/2021

(1)Each agency required to be audited under Section 17C-1-604 shall, within 180 days after the end of the agency's fiscal year, file a copy of the audit report with the county auditor, the State Tax Commission, the State Board of Education, and each taxing entity from which the agency receives tax increment.

(2)Each audit report under Subsection

(1)shall include:

(a)the tax increment collected by the agency for each project area;

(b)the amount of tax increment paid to each taxing entity under Section 17C-1-410 ;

(c)the outstanding principal amount of bonds issued or other loans incurred to finance the costs associated with the agency's project areas;

(d)the amount of property tax revenue generated under Part 10, Agency Taxing Authority ; and

(e)the actual amount expended for:

(i)acquisition of property;

(ii)site improvements or site preparation costs;

(iii)installation of public utilities or other public improvements; and

(iv)administrative costs of the agency.

Amended by Chapter 214 , 2021 General Session