Utah Code 11-13-513. Appropriations not to exceed estimated expendable revenue — Appropriations for existing deficits
Current as of: 2024 | Check for updates
|
Other versions
(1) The governing board of an interlocal entity may not make an appropriation in the final budget of a fund in excess of the estimated expendable revenue for the budget year of the fund.
Terms Used In Utah Code 11-13-513
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Appropriation: means an allocation of money by the governing board in a budget for a specific purpose. See Utah Code 11-13-501
- 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 year: means the fiscal year for which a budget is prepared. See Utah Code 11-13-501
- Deficit: means the occurrence when expenditures exceed revenues. See Utah Code 11-13-501
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- 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
- Fund balance: 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
- Last completed fiscal year: means the fiscal year immediately preceding the current fiscal year. See Utah Code 11-13-501
(2) If there is a deficit fund balance in a fund at the close of the last completed fiscal year, the governing body of an interlocal entity shall include an item of appropriation for the deficit in the current budget of the fund equal to:
(2)(a) at least 5% of the total revenue of the fund in the last completed fiscal year; or
(2)(b) if the deficit is equal to less than 5% of the total revenue of the fund in the last completed fiscal year, the entire amount of the deficit.