Utah Code 11-13-508. Tentative budget to be prepared — Review by governing body
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(1) On or before the first regularly scheduled meeting of the governing board in November for a calendar year entity and May for a fiscal year entity, the budget officer of an interlocal entity shall prepare for the ensuing year and file with the governing board a tentative budget for each fund for which a budget is required.
Terms Used In Utah Code 11-13-508
- Board: means the Permanent Community Impact Fund Board created by Section 35A-8-304, and its successors. See Utah Code 11-13-103
- Budget: means a plan of financial operations for a fiscal year that embodies estimates of proposed expenditures for given purposes and the proposed means of financing them, and may refer to the budget of a particular fund for which a budget is required by law or may refer collectively to the budgets for all required funds. See Utah Code 11-13-501
- Budget officer: means the person appointed by an interlocal entity governing board to prepare the budget for the interlocal entity. See Utah Code 11-13-501
- Budget year: means the fiscal year for which a budget is prepared. See Utah Code 11-13-501
- Calendar year entity: means an interlocal entity whose fiscal year begins January 1 and ends December 31 of each calendar year as described in Section 11-13-503. See Utah Code 11-13-501
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fiscal year: means the annual period for accounting for fiscal operations in an interlocal entity. See Utah Code 11-13-501
- Fund: has the meaning provided in generally accepted accounting principles. See Utah Code 11-13-501
- Governing board: includes a board of directors described in an agreement, as amended, that creates a project entity. See Utah Code 11-13-103
- Interlocal entity: includes a governmental nonprofit corporation, as that term is defined in Section 11-13a-102. See Utah Code 11-13-501
(2)
(2)(a) Each tentative budget under Subsection (1) shall provide in tabular form:
(2)(a)(i) actual revenues and expenditures for the last completed fiscal year;
(2)(a)(ii) estimated total revenues and expenditures for the current fiscal year; and
(2)(a)(iii) the budget officer‘s estimates of revenues and expenditures for the budget year.
(2)(b) The budget officer shall estimate:
(2)(b)(i) the amount of revenue available to serve the needs of each fund;
(2)(b)(ii) the portion to be derived from all sources other than general property taxes; and
(2)(b)(iii) the portion that shall be derived from general property taxes.
(3) The tentative budget, when filed by the budget officer with the governing board, shall contain the estimates of expenditures together with specific work programs and any other supporting data required by this part or requested by the governing board.
(4)
(4)(a) Subject to Subsection (4)(b), the governing board:
(4)(a)(i) shall review, consider, and adopt the tentative budget in any regular meeting or special meeting called for that purpose; and
(4)(a)(ii) may amend or revise the tentative budget in any manner that the board considers advisable prior to the public hearing under Section 11-13-509.
(4)(b) The governing board may not reduce below the legal minimum requirement an appropriation required for debt retirement and interest or reduction of any existing deficits under Section 11-13-513, or otherwise required by law.
(5) If a new interlocal entity is created, the governing board shall:
(5)(a) prepare a budget covering the period from the date of incorporation to the end of the fiscal year;
(5)(b) substantially comply with all other provisions of this part with respect to notices and hearings; and
(5)(c) pass the budget as soon after incorporation as feasible.