11-36-301 - Impact fees -- Accounting -- Report. - Utah Statutes

11-36-301. Impact fees -- Accounting -- Report.
Each local political subdivision collecting impact fees shall:
(1) establish separate interest bearing ledger accounts for each type of public facility forwhich an impact fee is collected;
(2) deposit impact fee receipts in the appropriate ledger account;
(3) retain the interest earned on each fund or account in the fund or account; and
(4) at the end of each fiscal year, prepare a report on each fund or account showing:
(a) the source and amount of all money collected, earned, and received by the fund oraccount; and
(b) each expenditure from the fund or account; and
(5) establish a report that:
(a) identifies impact fee funds by the year in which they were received, the project fromwhich the funds were collected, the capital projects for which the funds were budgeted, and theprojected schedule for expenditure;
(b) is in a format developed by the state auditor;
(c) is certified by the local political subdivision's chief financial officer; and
(d) is transmitted annually to the state auditor.

Amended by Chapter 323, 2009 General Session