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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 11-13-501, 2015

This section defines financial and budgeting terms used in this part.

Source excerpt

accountingbudgetingdefinitionsfinancial definitionsfinancial operationsfund accountingfund transfersinterfund loanspublic finance
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 2015
Dates
Enacted 2015
More statute details
Dates
Enacted 2015
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“This section defines financial and budgeting terms used in this part.”

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Definitions.

This section defines financial and budgeting terms used in this part.

Section 11-13-501

Subsection 11-13-501(6)

"Current year" means the fiscal year in which a budget is prepared and adopted, and which is the fiscal year immediately preceding the budget year.

Section 11-13-501(6)

Subsection 11-13-501(13)

“Fund balance” is defined by generally accepted accounting principles.

Section 11-13-501(13)

Subsection 11-13-501(19)

This subsection defines “Interlocal entity general fund” as the general fund of an interlocal entity.

Section 11-13-501(19)

Subsection 11-13-501(25)

“Special fund” means an interlocal entity fund that is not the interlocal entity general fund.

Section 11-13-501(25)

04

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In force source record

Source record from le.utah.gov · Enacted 2015

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Showing 26 of 26 provisions

Provision 25Interpretation

Part 11-13-5

part 11-13-5 Fiscal Procedures for Interlocal Entities

§ 11-13-501Definitions.Interpretation

Source excerpt

This section defines financial and budgeting terms used in this part.

Definitions. As used in this part: "Appropriation" means an allocation of money by the governing board in a budget for a specific purpose. "Budget" means a plan of financial operations for a fiscal year that embodies estimates of proposed expenditures for given purposes and the proposed means of financing them, and may refer to the budget of a particular fund for which a budget is required by law or may refer collectively to the budgets for all required funds. "Budget officer" means the person appointed by an interlocal entity governing board to prepare the budget for the interlocal entity. "Budget year" means the fiscal year for which a budget is prepared. "Calendar year entity" means an interlocal entity whose fiscal year begins January 1 and ends December 31 of each calendar year as described in Section 11-13-503 . "Current year" means the fiscal year in which a budget is prepared and adopted, and which is the fiscal year immediately preceding the budget year. "Deficit" means the occurrence when expenditures exceed revenues. "Enterprise fund" has the meaning provided in generally accepted accounting principles. "Estimated revenue" means the amount of revenue estimated to be received from all sources during the budget year in each fund for which a budget is being prepared. "Fiscal year" means the annual period for accounting for fiscal operations in an interlocal entity. "Fiscal year entity" means an interlocal entity whose fiscal year begins July 1 of each year and ends on June 30 of the following year as described in Section 11-13-503 . "Fund" has the meaning provided in generally accepted accounting principles. "Fund balance" has the meaning provided in generally accepted accounting principles. "General fund" has the meaning provided in generally accepted accounting principles. "Generally accepted accounting principles" means the accounting principles and standards promulgated from time to time by authoritative bodies in the United States. "Governmental fund" has the meaning provided in generally accepted accounting principles. "Interfund loan" means a transfer of assets from one fund to another, subject to future repayment. "Interlocal entity" includes a governmental nonprofit corporation, as that term is defined in Section 11-13a-102 . "Interlocal entity general fund" means the general fund of an interlocal entity. "Internal service funds" has the meaning provided in generally accepted accounting principles. "Last completed fiscal year" means the fiscal year immediately preceding the current fiscal year. "Proprietary fund" means enterprise funds and the internal service funds of an interlocal entity. "Public funds" means any money or payment collected or received by an interlocal entity, including money or payment for services or goods provided by the interlocal entity. "Retained earnings" has the meaning provided in generally accepted accounting principles. "Special fund" means an interlocal entity fund other than the interlocal entity general fund.
Section 11-13-501Verify source
§ 11-13-501(1)Subsection 11-13-501(1)Provision

Source excerpt

“Appropriation” means money allocated by the governing board in a budget for a specific purpose.

"Appropriation" means an allocation of money by the governing board in a budget for a specific purpose.
Section 11-13-501(1)Verify source
§ 11-13-501(2)Subsection 11-13-501(2)Provision

Source excerpt

"Budget" means a plan of financial operations for a fiscal year that embodies estimates of proposed expenditures for given purposes and the proposed means of financing them, and may refer to the budget of a particular fund for which a

"Budget" means a plan of financial operations for a fiscal year that embodies estimates of proposed expenditures for given purposes and the proposed means of financing them, and may refer to the budget of a particular fund for which a budget is required by law or may refer collectively to the budgets for all required funds.
Section 11-13-501(2)Verify source
§ 11-13-501(3)Subsection 11-13-501(3)Provision

Source excerpt

"Budget officer" means a person appointed by an interlocal entity governing board to prepare the interlocal entity’s budget.

"Budget officer" means the person appointed by an interlocal entity governing board to prepare the budget for the interlocal entity.
Section 11-13-501(3)Verify source
§ 11-13-501(4)Subsection 11-13-501(4)Provision

Source excerpt

“Budget year” means the fiscal year for which a budget is prepared.

"Budget year" means the fiscal year for which a budget is prepared.
Section 11-13-501(4)Verify source
§ 11-13-501(5)Subsection 11-13-501(5)Provision

Source excerpt

“Calendar year entity” means an interlocal entity whose fiscal year starts on January 1 and ends on December 31.

"Calendar year entity" means an interlocal entity whose fiscal year begins January 1 and ends December 31 of each calendar year as described in Section 11-13-503 .
Section 11-13-501(5)Verify source
§ 11-13-501(6)Subsection 11-13-501(6)Provision

Source excerpt

"Current year" means the fiscal year in which a budget is prepared and adopted, and which is the fiscal year immediately preceding the budget year.

"Current year" means the fiscal year in which a budget is prepared and adopted, and which is the fiscal year immediately preceding the budget year.
Section 11-13-501(6)Verify source
§ 11-13-501(7)Subsection 11-13-501(7)Provision

Source excerpt

"Deficit" means expenditures exceed revenues.

"Deficit" means the occurrence when expenditures exceed revenues.
Section 11-13-501(7)Verify source
§ 11-13-501(8)Subsection 11-13-501(8)Provision

Source excerpt

“Enterprise fund” is defined by generally accepted accounting principles.

"Enterprise fund" has the meaning provided in generally accepted accounting principles.
Section 11-13-501(8)Verify source
§ 11-13-501(9)Subsection 11-13-501(9)Provision

Source excerpt

“Estimated revenue” means revenue estimated to be received from all sources during the budget year for each fund being budgeted.

"Estimated revenue" means the amount of revenue estimated to be received from all sources during the budget year in each fund for which a budget is being prepared.
Section 11-13-501(9)Verify source
§ 11-13-501(10)Subsection 11-13-501(10)Provision

Source excerpt

“Fiscal year” means the annual period used to account for fiscal operations in an interlocal entity.

"Fiscal year" means the annual period for accounting for fiscal operations in an interlocal entity.
Section 11-13-501(10)Verify source
§ 11-13-501(11)Subsection 11-13-501(11)Provision

Source excerpt

“Fiscal year entity” means an interlocal entity whose fiscal year runs from July 1 to June 30 of the following year.

"Fiscal year entity" means an interlocal entity whose fiscal year begins July 1 of each year and ends on June 30 of the following year as described in Section 11-13-503 .
Section 11-13-501(11)Verify source
§ 11-13-501(12)Subsection 11-13-501(12)Provision

Source excerpt

"Fund" is defined by generally accepted accounting principles.

"Fund" has the meaning provided in generally accepted accounting principles.
Section 11-13-501(12)Verify source
§ 11-13-501(13)Subsection 11-13-501(13)Provision

Source excerpt

“Fund balance” is defined by generally accepted accounting principles.

"Fund balance" has the meaning provided in generally accepted accounting principles.
Section 11-13-501(13)Verify source
§ 11-13-501(14)Subsection 11-13-501(14)Provision

Source excerpt

“General fund” means what generally accepted accounting principles provide.

"General fund" has the meaning provided in generally accepted accounting principles.
Section 11-13-501(14)Verify source
§ 11-13-501(15)Subsection 11-13-501(15)Provision

Source excerpt

This provision defines “generally accepted accounting principles.”

"Generally accepted accounting principles" means the accounting principles and standards promulgated from time to time by authoritative bodies in the United States.
Section 11-13-501(15)Verify source
§ 11-13-501(16)Subsection 11-13-501(16)Provision

Source excerpt

“Governmental fund” means what generally accepted accounting principles say it means.

"Governmental fund" has the meaning provided in generally accepted accounting principles.
Section 11-13-501(16)Verify source
§ 11-13-501(17)Subsection 11-13-501(17)Provision

Source excerpt

“Interfund loan” means a transfer of assets from one fund to another, subject to future repayment.

"Interfund loan" means a transfer of assets from one fund to another, subject to future repayment.
Section 11-13-501(17)Verify source
§ 11-13-501(18)Subsection 11-13-501(18)Provision

Source excerpt

“Interlocal entity” includes a governmental nonprofit corporation.

"Interlocal entity" includes a governmental nonprofit corporation, as that term is defined in Section 11-13a-102 .
Section 11-13-501(18)Verify source
§ 11-13-501(19)Subsection 11-13-501(19)Provision

Source excerpt

This subsection defines “Interlocal entity general fund” as the general fund of an interlocal entity.

"Interlocal entity general fund" means the general fund of an interlocal entity.
Section 11-13-501(19)Verify source
§ 11-13-501(20)Subsection 11-13-501(20)Provision

Source excerpt

"Internal service funds" is defined by generally accepted accounting principles.

"Internal service funds" has the meaning provided in generally accepted accounting principles.
Section 11-13-501(20)Verify source
§ 11-13-501(21)Subsection 11-13-501(21)Provision

Source excerpt

“Last completed fiscal year” means the fiscal year immediately before the current fiscal year.

"Last completed fiscal year" means the fiscal year immediately preceding the current fiscal year.
Section 11-13-501(21)Verify source
§ 11-13-501(22)Subsection 11-13-501(22)Provision

Source excerpt

“Proprietary fund” means enterprise funds and the internal service funds of an interlocal entity.

"Proprietary fund" means enterprise funds and the internal service funds of an interlocal entity.
Section 11-13-501(22)Verify source
§ 11-13-501(23)Subsection 11-13-501(23)Provision

Source excerpt

Defines “public funds” as money or payments collected or received by an interlocal entity, including payments for services or goods it provides.

"Public funds" means any money or payment collected or received by an interlocal entity, including money or payment for services or goods provided by the interlocal entity.
Section 11-13-501(23)Verify source
§ 11-13-501(24)Subsection 11-13-501(24)Provision

Source excerpt

"Retained earnings" is defined by generally accepted accounting principles.

"Retained earnings" has the meaning provided in generally accepted accounting principles.
Section 11-13-501(24)Verify source
§ 11-13-501(25)Subsection 11-13-501(25)Provision

Source excerpt

“Special fund” means an interlocal entity fund that is not the interlocal entity general fund.

"Special fund" means an interlocal entity fund other than the interlocal entity general fund.
Section 11-13-501(25)Verify source

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