Utah Code 10-6-105. Fiscal period — Annual or biennial
Current as of: 2024 | Check for updates
|
Other versions
(1) Except as provided in Subsection (2), the fiscal period for each city shall be an annual period beginning July 1 of each year and ending June 30 of the following year.
Terms Used In Utah Code 10-6-105
- Budget: means a plan of financial operations for a fiscal period which embodies estimates of proposed expenditures for given purposes and the proposed means of financing them. See Utah Code 10-6-106
- Budget period: means the fiscal period for which a budget is prepared. See Utah Code 10-6-106
- City: means a municipality that is classified by population as a city of the first class, a city of the second class, a city of the third class, a city of the fourth class, or a city of the fifth class, under Section
10-2-301 . See Utah Code 10-1-104 - Fiscal period: means the annual or biennial period for accounting for fiscal operations in each city. See Utah Code 10-6-106
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
(2)
(2)(a) Notwithstanding Subsection (1), the legislative body of a city may, by ordinance, adopt for the city a fiscal period that is a biennial period beginning July 1 and ending June 30 of the second following calendar year.
(2)(b) Each city adopting an ordinance under Subsection (2)(a) shall separately specify in its budget the amount of ad valorem property tax it intends to levy and collect during both the first half and the second half of the budget period.
(2)(c) Each city that adopts a fiscal period that is a biennial period under Subsection (2)(a) shall:
(2)(c)(i) comply with Sections 59-2-912 through 59-2-926 as if it had adopted a fiscal period that is an annual period; and
(2)(c)(ii) allocate budgeted revenues and expenditures to each of the two annual periods in the biennial budget.
(2)(d) The legislative body of each city that adopts a fiscal period that is a biennial period under Subsection (2)(a) shall, within 10 days after the adoption of the ordinance adopting the biennial period, deliver a copy of the ordinance to the state auditor.