Utah § 17-78-705 Reserve fund authorized -- Use of collected funds -- Limitation on surplus in fund.

Utah Statutes

§ 17-78-705 — Reserve fund authorized -- Use of collected funds -- Limitation on surplus in fund.

Utah·Title 17 Counties·Ch. 17-78 County Property, Programs, and Entities·Part 17-78-7 Establishing and Promoting Recreation, Tourism, and Conventions

(1)The county legislative body may create a reserve fund.

(2)(2)(a) Subject to Subsections (2)(b) and (c), a county legislative body shall retain any transient room tax funds collected but not expended during any fiscal year in the reserve fund to be used in accordance with Sections 17-78-702, 17-78-703, and 17-78-705.

(2)(b) Except as described in Subsection (2)(c), accumulated unappropriated surplus in the reserve fund, as determined before the county's adoption of a tentative budget, may not exceed 50% of the total transient room tax revenue for the current fiscal year.

(2)(c) For a fiscal year beginning on or after July 1, 2019, and ending on or before July 1, 2023:

(2)(c)(i) if a county receives more than 150% of total transient room tax revenue in the fiscal year compared to the to

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(1) The county legislative body may create a reserve fund.
(2) (2)(a) Subject to Subsections (2)(b) and (c), a county legislative body shall retain any transient room tax funds collected but not expended during any fiscal year in the reserve fund to be used in accordance with Sections 17-78-702, 17-78-703, and 17-78-705.
(2)(b) Except as described in Subsection (2)(c), accumulated unappropriated surplus in the reserve fund, as determined before the county's adoption of a tentative budget, may not exceed 50% of the total transient room tax revenue for the current fiscal year.
(2)(c) For a fiscal year beginning on or after July 1, 2019, and ending on or before July 1, 2023:
(2)(c)(i) if a county receives more than 150% of total transient room tax revenue in the fiscal year compared to the total transient room tax revenue received in the previous fiscal year, accumulated unappropriated surplus in the reserve fund, as determined before the county's adoption of a tentative budget, may not exceed 50% of the total transient room tax revenue for the previous fiscal year plus an amount equal to the total transient room tax revenue that is more than 100% of total transient room tax revenue from the previous fiscal year; and
(2)(c)(ii) if a county adds to the county's reserve fund an amount equal to the total transient room tax revenue that is more than 100% of total transient room tax revenue from the previous fiscal year as authorized in Subsection (2)(c)(i), the county may expend that additional reserve fund money for visitor management and destination development subject to the requirements described in Section 17-78-702.

Utah § 17-78-705 (Reserve fund authorized -- Use of collected funds -- Limitation on surplus in fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.