Utah Code 11-13-524. Operating and capital budgets for proprietary funds
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(1)
Terms Used In Utah Code 11-13-524
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
- Enterprise fund: has the meaning provided in generally accepted accounting principles. 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
- Generally accepted accounting principles: means the accounting principles and standards promulgated from time to time by authoritative bodies in the United States. 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
- Member: means a public agency that, with another public agency, creates an interlocal entity under Section 11-13-203. See Utah Code 11-13-103
- Proprietary fund: means enterprise funds and the internal service funds of an interlocal entity. See Utah Code 11-13-501
- Special fund: means an interlocal entity fund other than the interlocal entity general fund. See Utah Code 11-13-501
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) As used in this section, “operating and capital budget” means a plan of financial operation for a proprietary or other required special fund, including estimates of operating and capital revenues and expenses for the budget year.
(1)(b) Except as otherwise expressly provided in this section, the other provisions of this part governing budgets and fiscal procedures and controls do not apply to the operating and capital budgets provided for in this section.
(2) Subject to Subsection (3), the governing board shall adopt for the ensuing budget year an operating and capital budget for each proprietary fund and shall adopt the type of budget for other special funds, if applicable, under generally accepted accounting principles.
(3) Operating and capital budgets shall be adopted and administered in the following manner:
(3)(a) On or before the first regularly scheduled meeting of the governing board, in November for a calendar year entity or May for a fiscal year entity, the budget officer shall prepare for the ensuing fiscal year, and file with the governing board, a tentative operating and capital budget for each proprietary fund and for other required special funds, together with any supporting data required by the board.
(3)(b) The governing board:
(3)(b)(i) shall adopt the tentative operating and capital budget in a regular meeting or special meeting called for that purpose; and
(3)(b)(ii) may amend or revise the tentative operating and capital budget in any manner that the board considers advisable prior to a public hearing.
(3)(c) The governing board shall comply with the notice and hearing requirements of Subsection (3) and Sections 11-13-509 through 11-13-511 in approving a final operating and capital budget.
(3)(d) If the tentative operating and capital budget approved by the governing board for a proprietary fund includes appropriations that are not reasonable allocations of costs between funds or that provide funds to a member without consideration, the governing board shall, at least seven days before the day of the hearing, mail to each interlocal entity customer, a written notice stating:
(3)(d)(i) the date, time, and place of the operating and capital budget hearing; and
(3)(d)(ii) the purpose of the operating and capital budget hearing, including:
(3)(d)(ii)(A) the enterprise fund from which money is being transferred;
(3)(d)(ii)(B) the amount being transferred; and
(3)(d)(ii)(C) the fund or member to which the money is being transferred.
(3)(e)
(3)(e)(i) The governing board shall adopt an operating and capital budget for each proprietary fund for the ensuing fiscal year before the beginning of each fiscal year.
(3)(e)(ii) A copy of the operating and capital budget as finally adopted for each proprietary fund shall be:
(3)(e)(ii)(A) filed in the interlocal entity’s office and with each member; and
(3)(e)(ii)(B) available to the public during regular business hours.
(3)(e)(iii) The interlocal entity shall also file a copy of the operating and capital budget with the state auditor within 30 days after adoption.
(3)(f)
(3)(f)(i) Upon final adoption, the operating and capital budget is in effect for the budget year, subject to later amendment.
(3)(f)(ii) During the budget year, the governing board may, in any regular meeting or special meeting called for that purpose, review an operating and capital budget for the purpose of determining if the total of the budget should be increased.
(3)(f)(iii) If the governing board decides that the operating and capital budget total of one or more proprietary funds should be increased, the board shall follow the procedures established in Section 11-13-525.