(1)Each local government shall adopt an
annual budget. To the extent that the financial activities of any local government
are fully reported in the budget or budgets of a parent local government or
governments, a separate budget is not required. Such budget shall present a
complete financial plan by fund and by spending agency within each fund for the
budget year and shall set forth the following:
(a)All proposed expenditures for administration, operations, maintenance,
debt service, and capital projects to be undertaken or executed by any spending
agency during the budget year;
(b)Anticipated revenues for the budget year;
(c)Estimated beginning and ending fund balances;
(d)The corresponding actual figures for the prior fiscal year and estimated
figures projected through
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(1) Each local government shall adopt an
annual budget. To the extent that the financial activities of any local government
are fully reported in the budget or budgets of a parent local government or
governments, a separate budget is not required. Such budget shall present a
complete financial plan by fund and by spending agency within each fund for the
budget year and shall set forth the following:
(a) All proposed expenditures for administration, operations, maintenance,
debt service, and capital projects to be undertaken or executed by any spending
agency during the budget year;
(b) Anticipated revenues for the budget year;
(c) Estimated beginning and ending fund balances;
(d) The corresponding actual figures for the prior fiscal year and estimated
figures projected through the end of the current fiscal year, including disclosure of
all beginning and ending fund balances, consistent with the basis of accounting
used to prepare the budget;
(e) A written budget message describing the important features of the
proposed budget, including a statement of the budgetary basis of accounting used
and a description of the services to be delivered during the budget year; and
(f) Explanatory schedules or statements classifying the expenditures by
object and the revenues by source.
(2) No budget adopted pursuant to this section shall provide for
expenditures in excess of available revenues and beginning fund balances.
(3) (a) The general assembly finds and declares that the use of financed
purchase of an asset or certificate of participation agreements by local
governments creates financial obligations of those governments and that the
disclosure of such obligations is in the public interest and is a matter of statewide
concern.
(b) In addition to the governmental entities included in the definition of local
government in section 29-1-102, the provisions of this subsection (3) shall apply to
every home rule city, home rule city and county, school district, and local college
district.
(c) As used in this subsection (3), lease agreement means a lease as
defined in the generally accepted accounting principles issued by the
governmental accounting standards board that the controller prescribes for the
state as specified in section 24-30-202 (12).
(c.5) As used in this subsection (3), certificate of participation means any
certificate evidencing a participation right of a proportionate interest in any
financing agreement or the right to receive proportionate payments from the state
or an agency due under any financing agreement.
(c.7) As used in this subsection (3), financed purchase of an asset means a
financing agreement that includes the purchase of an asset.
(d) (I) The budget adopted by every local government shall separately set
forth each of the following:
(A) The total amount to be expended during the ensuing fiscal year for
payment obligations under all financed purchase of an asset or certificate of
participation agreements involving real property;
(B) The total maximum payment liability of the local government under all
financed purchase of an asset or certificate of participation agreements involving
real property over the entire terms of such agreements, including all optional
renewal terms;
(C) The total amount to be expended during the ensuing fiscal year for
payment obligations under all financed purchase of an asset or certificate of
participation agreements other than those involving real property;
(D) The total maximum payment liability of the local government under all
financed purchase of an asset or certificate of participation agreements other than
those involving real property over the entire terms of such agreements, including
all optional renewal terms.
(II) Each budget required to be filed pursuant to section 29-1-113 shall
include a supplemental schedule that contains the information described in this
paragraph (d).
(e) (I) No local government shall enter into any financed purchase of an asset
or certificate of participation agreement whose duration, including all optional
renewal terms, exceeds the weighted average useful life of the assets being
financed. In the case of a financed purchase of an asset or certificate of
participation agreement involving both real property and other property, the
financed purchase of an asset or certificate of participation agreement shall
provide that the real property involved shall be amortized over a period not to
exceed its weighted average useful life and the other property shall be separately
amortized over a period not to exceed its weighted average useful life. This
provision shall not prevent a local government from releasing property from a
financed purchase of an asset or certificate of participation agreement pursuant to
an amortization schedule reflecting the times when individual pieces of property
have been amortized.
(II) Nothing contained in this subsection (3)(e) shall be construed to apply to
any financed purchase of an asset or certificate of participation agreement entered
into prior to April 9, 1990.