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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 11-13-512, 2015

Accumulated fund balances -- Limitations -- Excess balances -- Unanticipated excess of revenues -- Reserves for capital projects. An interlocal entity may accumulate retained earnings or fund bala…

Source excerpt

budget thresholdbudgetingcapital projectscapital projects reservesfund balance capfund balancesgeneral fundinterlocal entitiesinterlocal entityinterlocal entity budgetsinterlocal financelocal government budgetingpublic financereserves
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 2015
Dates
Enacted 2015
More statute details
Dates
Enacted 2015
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“Accumulated fund balances -- Limitations -- Excess balances -- Unanticipated excess of revenues -- Reserves for capital projects. An interlocal entity may accumulate retained earnings or fund balances, as appropriate, in any fund. For the”

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Subsection 11-13-512(1)(b)(iii)

This text allows use of funds to cover a pending year-end excess of expenditures over revenues caused by an unavoidable revenue shortfall, subject to Subsection (1)(d).

Section 11-13-512(1)(b)(iii)

Subsection 11-13-512(2)

An interlocal entity’s general fund balance may not exceed the applicable cap.

Section 11-13-512(2)

Subsection 11-13-512(4)

An interlocal entity may use general fund balance above 5% of its general fund revenues for budget purposes.

Section 11-13-512(4)

Subsection 11-13-512(5)(d)

Reserve-account expenditures must follow this part’s budget execution and control requirements.

Section 11-13-512(5)(d)

04

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In force source record

Source record from le.utah.gov · Enacted 2015

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Showing 23 of 23 provisions

Provision 23

Part 11-13-5

part 11-13-5 Fiscal Procedures for Interlocal Entities

§ 11-13-512Accumulated fund balances -- Limitations -- Excess balances -- Unanticipated excess of revenues -- Reserves for capital projects.Provision

Source excerpt

Accumulated fund balances -- Limitations -- Excess balances -- Unanticipated excess of revenues -- Reserves for capital projects. An interlocal entity may accumulate retained earnings or fund balances, as appropriate, in any fund. For the

Accumulated fund balances -- Limitations -- Excess balances -- Unanticipated excess of revenues -- Reserves for capital projects. An interlocal entity may accumulate retained earnings or fund balances, as appropriate, in any fund. For the interlocal entity general fund only, an accumulated fund balance at the end of a budget year may be used only: to provide working capital to finance expenditures from the beginning of the budget year until general property taxes or other applicable revenues are collected, subject to Subsection (1)(c) ; to provide a resource to meet emergency expenditures under Section 11-13-521 ; or to cover a pending year-end excess of expenditures over revenues from an unavoidable shortfall in revenues, subject to Subsection (1)(d) . Subsection (1)(b)(i) may not be construed to authorize an interlocal entity to appropriate a fund balance for budgeting purposes, except as provided in Subsection (4) . Subsection (1)(b)(iii) may not be construed to authorize an interlocal entity to appropriate a fund balance to avoid an operating deficit during a budget year except: as provided under Subsection (4) ; or for emergency purposes under Section 11-13-521 . The accumulation of a fund balance in the interlocal entity general fund may not exceed the greater of: 100% of the current year's property tax collected by the interlocal entity; or 35% of the total interlocal entity general fund revenues for an interlocal entity with an annual interlocal entity general fund budget greater than $100,000; or 65% of the total interlocal entity general fund revenues for an interlocal entity with an annual interlocal entity general fund budget equal to or less than $100,000. If the interlocal entity general fund balance at the close of a fiscal year exceeds the amount permitted under Subsection (2) , the interlocal entity shall appropriate the excess in the manner provided in Section 11-13-513 . Any interlocal entity general fund balance in excess of 5% of the total revenues of the interlocal entity general fund may be utilized for budget purposes. Within a capital projects fund the governing board may, in a budget year, appropriate from estimated revenue or a fund balance to a reserve account for capital projects for the purpose of financing future specific capital projects, including new construction, capital repairs, replacement, and maintenance, under a formal long-range capital plan adopted by the governing board. An interlocal entity may allow a reserve amount under Subsection (5)(a) to accumulate from year to year until the accumulated total is sufficient to permit economical expenditure for the specified purposes. An interlocal entity may disburse from a reserve account under Subsection (5)(a) only by a budget appropriation adopted in the manner provided by this part. Expenditures from a reserve account described in Subsection (5)(a) shall conform to all requirements of this part relating to execution and control of budgets.
Section 11-13-512Verify source
§ 11-13-512(1)Subsection 11-13-512(1)Provision

Source excerpt

An interlocal entity may accumulate retained earnings or fund balances in any fund, but the general fund balance at year-end may be used only for limited purposes.

An interlocal entity may accumulate retained earnings or fund balances, as appropriate, in any fund. For the interlocal entity general fund only, an accumulated fund balance at the end of a budget year may be used only: to provide working capital to finance expenditures from the beginning of the budget year until general property taxes or other applicable revenues are collected, subject to Subsection (1)(c) ; to provide a resource to meet emergency expenditures under Section 11-13-521 ; or to cover a pending year-end excess of expenditures over revenues from an unavoidable shortfall in revenues, subject to Subsection (1)(d) . Subsection (1)(b)(i) may not be construed to authorize an interlocal entity to appropriate a fund balance for budgeting purposes, except as provided in Subsection (4) . Subsection (1)(b)(iii) may not be construed to authorize an interlocal entity to appropriate a fund balance to avoid an operating deficit during a budget year except: as provided under Subsection (4) ; or for emergency purposes under Section 11-13-521 .
Section 11-13-512(1)Verify source
§ 11-13-512(1)(a)Subsection 11-13-512(1)(a)Provision

Source excerpt

An interlocal entity may accumulate retained earnings or fund balances in any fund, as appropriate.

An interlocal entity may accumulate retained earnings or fund balances, as appropriate, in any fund.
Section 11-13-512(1)(a)Verify source
§ 11-13-512(1)(b)Subsection 11-13-512(1)(b)Provision

Source excerpt

For an interlocal entity general fund, the year-end accumulated fund balance may be used only for specified purposes.

For the interlocal entity general fund only, an accumulated fund balance at the end of a budget year may be used only: to provide working capital to finance expenditures from the beginning of the budget year until general property taxes or other applicable revenues are collected, subject to Subsection (1)(c) ; to provide a resource to meet emergency expenditures under Section 11-13-521 ; or to cover a pending year-end excess of expenditures over revenues from an unavoidable shortfall in revenues, subject to Subsection (1)(d) .
Section 11-13-512(1)(b)Verify source
§ 11-13-512(1)(b)(i)Subsection 11-13-512(1)(b)(i)Provision

Source excerpt

to provide working capital to finance expenditures from the beginning of the budget year until general property taxes or other applicable revenues are collected, subject to Subsection (1)(c) ;

to provide working capital to finance expenditures from the beginning of the budget year until general property taxes or other applicable revenues are collected, subject to Subsection (1)(c) ;
Section 11-13-512(1)(b)(i)Verify source
§ 11-13-512(1)(b)(ii)Subsection 11-13-512(1)(b)(ii)Provision

Source excerpt

to provide a resource to meet emergency expenditures under Section 11-13-521 ; or

to provide a resource to meet emergency expenditures under Section 11-13-521 ; or
Section 11-13-512(1)(b)(ii)Verify source
§ 11-13-512(1)(b)(iii)Subsection 11-13-512(1)(b)(iii)Provision

Source excerpt

This text allows use of funds to cover a pending year-end excess of expenditures over revenues caused by an unavoidable revenue shortfall, subject to Subsection (1)(d).

to cover a pending year-end excess of expenditures over revenues from an unavoidable shortfall in revenues, subject to Subsection (1)(d) .
Section 11-13-512(1)(b)(iii)Verify source
§ 11-13-512(1)(c)Subsection 11-13-512(1)(c)Provision

Source excerpt

This subsection says Subsection (1)(b)(i) does not authorize an interlocal entity to use a fund balance for budgeting purposes, except as provided in Subsection (4).

Subsection (1)(b)(i) may not be construed to authorize an interlocal entity to appropriate a fund balance for budgeting purposes, except as provided in Subsection (4) .
Section 11-13-512(1)(c)Verify source
§ 11-13-512(1)(d)Subsection 11-13-512(1)(d)Provision

Source excerpt

An interlocal entity may not be treated as authorized to use a fund balance to avoid an operating deficit during a budget year, except as provided in Subsection (4) or for emergency purposes under Section 11-13-521.

Subsection (1)(b)(iii) may not be construed to authorize an interlocal entity to appropriate a fund balance to avoid an operating deficit during a budget year except: as provided under Subsection (4) ; or for emergency purposes under Section 11-13-521 .
Section 11-13-512(1)(d)Verify source
§ 11-13-512(1)(d)(i)Subsection 11-13-512(1)(d)(i)Provision

Source excerpt

as provided under Subsection (4) ; or

as provided under Subsection (4) ; or
Section 11-13-512(1)(d)(i)Verify source
§ 11-13-512(1)(d)(ii)Subsection 11-13-512(1)(d)(ii)Provision

Source excerpt

for emergency purposes under Section 11-13-521 .

for emergency purposes under Section 11-13-521 .
Section 11-13-512(1)(d)(ii)Verify source
§ 11-13-512(2)Subsection 11-13-512(2)Provision

Source excerpt

An interlocal entity’s general fund balance may not exceed the applicable cap.

The accumulation of a fund balance in the interlocal entity general fund may not exceed the greater of: 100% of the current year's property tax collected by the interlocal entity; or 35% of the total interlocal entity general fund revenues for an interlocal entity with an annual interlocal entity general fund budget greater than $100,000; or 65% of the total interlocal entity general fund revenues for an interlocal entity with an annual interlocal entity general fund budget equal to or less than $100,000.
Section 11-13-512(2)Verify source
§ 11-13-512(2)(a)Subsection 11-13-512(2)(a)Provision

Source excerpt

100% of the current year's property tax collected by the interlocal entity; or

100% of the current year's property tax collected by the interlocal entity; or
Section 11-13-512(2)(a)Verify source
§ 11-13-512(2)(b)Subsection 11-13-512(2)(b)Provision

Source excerpt

This provision gives two percentage amounts tied to an interlocal entity’s general fund revenues, depending on whether its annual general fund budget is above or at or below $100,000.

35% of the total interlocal entity general fund revenues for an interlocal entity with an annual interlocal entity general fund budget greater than $100,000; or 65% of the total interlocal entity general fund revenues for an interlocal entity with an annual interlocal entity general fund budget equal to or less than $100,000.
Section 11-13-512(2)(b)Verify source
§ 11-13-512(2)(b)(i)Subsection 11-13-512(2)(b)(i)Provision

Source excerpt

This provision states a 35% figure tied to an interlocal entity’s total general fund revenues, for entities with an annual general fund budget greater than $100,000.

35% of the total interlocal entity general fund revenues for an interlocal entity with an annual interlocal entity general fund budget greater than $100,000; or
Section 11-13-512(2)(b)(i)Verify source
§ 11-13-512(2)(b)(ii)Subsection 11-13-512(2)(b)(ii)Provision

Source excerpt

For an interlocal entity with an annual general fund budget of $100,000 or less, the amount is 65% of the entity’s general fund revenues.

65% of the total interlocal entity general fund revenues for an interlocal entity with an annual interlocal entity general fund budget equal to or less than $100,000.
Section 11-13-512(2)(b)(ii)Verify source
§ 11-13-512(3)Subsection 11-13-512(3)Provision

Source excerpt

If an interlocal entity’s general fund balance at the end of a fiscal year exceeds the amount allowed under Subsection (2), the entity must appropriate the excess as provided in Section 11-13-513.

If the interlocal entity general fund balance at the close of a fiscal year exceeds the amount permitted under Subsection (2) , the interlocal entity shall appropriate the excess in the manner provided in Section 11-13-513 .
Section 11-13-512(3)Verify source
§ 11-13-512(4)Subsection 11-13-512(4)Provision

Source excerpt

An interlocal entity may use general fund balance above 5% of its general fund revenues for budget purposes.

Any interlocal entity general fund balance in excess of 5% of the total revenues of the interlocal entity general fund may be utilized for budget purposes.
Section 11-13-512(4)Verify source
§ 11-13-512(5)Subsection 11-13-512(5)Provision

Source excerpt

The governing board may appropriate money to a capital projects reserve account, an interlocal entity may let that reserve accumulate, and disbursements must follow the budget-appropriation process and budget-control rules.

Within a capital projects fund the governing board may, in a budget year, appropriate from estimated revenue or a fund balance to a reserve account for capital projects for the purpose of financing future specific capital projects, including new construction, capital repairs, replacement, and maintenance, under a formal long-range capital plan adopted by the governing board. An interlocal entity may allow a reserve amount under Subsection (5)(a) to accumulate from year to year until the accumulated total is sufficient to permit economical expenditure for the specified purposes. An interlocal entity may disburse from a reserve account under Subsection (5)(a) only by a budget appropriation adopted in the manner provided by this part. Expenditures from a reserve account described in Subsection (5)(a) shall conform to all requirements of this part relating to execution and control of budgets.
Section 11-13-512(5)Verify source
§ 11-13-512(5)(a)Subsection 11-13-512(5)(a)Provision

Source excerpt

The governing board may transfer estimated revenue or fund balance to a reserve account for capital projects in a budget year.

Within a capital projects fund the governing board may, in a budget year, appropriate from estimated revenue or a fund balance to a reserve account for capital projects for the purpose of financing future specific capital projects, including new construction, capital repairs, replacement, and maintenance, under a formal long-range capital plan adopted by the governing board.
Section 11-13-512(5)(a)Verify source
§ 11-13-512(5)(b)Subsection 11-13-512(5)(b)Provision

Source excerpt

An interlocal entity may let a reserve amount accumulate from year to year until it is large enough for economical spending for the specified purposes.

An interlocal entity may allow a reserve amount under Subsection (5)(a) to accumulate from year to year until the accumulated total is sufficient to permit economical expenditure for the specified purposes.
Section 11-13-512(5)(b)Verify source
§ 11-13-512(5)(c)Subsection 11-13-512(5)(c)Provision

Source excerpt

An interlocal entity may disburse money from a reserve account only through a budget appropriation adopted under this part.

An interlocal entity may disburse from a reserve account under Subsection (5)(a) only by a budget appropriation adopted in the manner provided by this part.
Section 11-13-512(5)(c)Verify source
§ 11-13-512(5)(d)Subsection 11-13-512(5)(d)Provision

Source excerpt

Reserve-account expenditures must follow this part’s budget execution and control requirements.

Expenditures from a reserve account described in Subsection (5)(a) shall conform to all requirements of this part relating to execution and control of budgets.
Section 11-13-512(5)(d)Verify source

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