10-5-113 - Accumulation of retained earnings or fund balance -- Limit as to general fund -- Reserve for capital improvements. - Utah Statutes

10-5-113. Accumulation of retained earnings or fund balance -- Limit as to generalfund -- Reserve for capital improvements.
(1) Towns may accumulate retained earnings or fund balances, as appropriate, in anyfund.
(2) The accumulation of a fund balance in the General Fund may not exceed 75% of thetotal estimated revenue of the General Fund.
(3) The council may, in any budget year, appropriate from estimated revenue or excessfund balance in the General Fund to a reserve for capital improvements, for the purpose offinancing future specified capital improvements, pursuant to a formal long-range capital planadopted by the governing body. The reserves may accumulate from year to year in a capitalimprovements fund until the accumulated total is sufficient to permit economical expenditure forthe specified purposes.

Amended by Chapter 181, 1986 General Session