Utah Statutes
§ 10-5-113 — Accumulation of retained earnings or fund balance -- Limit as to general fund -- Reserve for capital improvements.
(1)A town may accumulate retained earnings or fund balances, as appropriate, in any fund.
(2)The accumulation of a fund balance in the town general fund may not exceed 100% of the total revenue of the town general fund for the current fiscal period.
(3)(3)(a) The town council may, in a budget year, appropriate from estimated revenue or excess fund balance in the town general fund to a reserve for capital improvements:
(3)(a)(i) for the purpose of financing future specified capital improvements; and
(3)(a)(ii) in accordance with a formal long-range capital plan adopted by the governing body.
(3)(b) The reserves described in Subsection (3)(a) may accumulate from year to year in a capital improvements fund until the accumulated total is sufficient to permit economical expenditure for the s
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Utah § 10-5-113 (Accumulation of retained earnings or fund balance -- Limit as to general fund -- Reserve for capital improvements.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Chapter 52, 2021 General Session
Nearby Sections
15
§ 10-1-103
Construction.§ 10-1-104
Definitions.§ 10-1-105
No changes intended.§ 10-1-106
Scope of title.§ 10-1-107
Municipalities.§ 10-1-109
Saving clause.§ 10-1-111
Existing indebtedness.§ 10-1-113
Severability clause.§ 10-1-118
Changing the name of a municipality.