§ 11-36a-601 — Accounting of impact fees.

A local political subdivision that collects an impact fee shall:
(1) establish a separate interest bearing ledger account for each type of public facility for which an impact fee is collected;
(2) deposit a receipt for an impact fee in the appropriate ledger account established under Subsection (1);
(3) retain the interest earned on each fund or ledger account in the fund or ledger account;
(4) at the end of each fiscal year, prepare a report that:
(4)(a) for each fund or ledger account, shows:
(4)(a)(i) the source and amount of all money collected, earned, and received by the fund or ledger account during the fiscal year; and
(4)(a)(ii) each expenditure from the fund or ledger account;
(4)(b) accounts for all impact fee funds that the local political subdivision has on hand at the end of the fiscal year;
(4)(c) identifies the impact fee funds described in Subsection (4)(b) by:
(4)(c)(i) the year in which the impact fee funds were received;
(4)(c)(ii) the project from which the impact fee funds were collected;
(4)(c)(iii) the project for which the impact fee funds are budgeted; and
(4)(c)(iv) the projected schedule for expenditure; and
(4)(d) is:
(4)(d)(i) in a format developed by the state auditor;
(4)(d)(ii) certified by the local political subdivision's chief financial officer; and
(4)(d)(iii) transmitted to the state auditor within 180 days after the day on which the fiscal year ends.

Legislative History

Amended by Chapter 394, 2017 General Session