Utah Code 11-36a-601. Accounting of impact fees

A local political subdivision that collects an impact fee shall:

(1) establish a separate interest bearing ledger account for each type of public facility for which an impact fee is collected;

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

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.
Impact fee: means a payment of money imposed upon new development activity as a condition of development approval to mitigate the impact of the new development on public infrastructure. See Utah Code 11-36a-102
Local political subdivision: means a county, a municipality, a special district under Title 17B, Limited Purpose Local Government Entities - Special Districts, a special service district under Title 17D, Chapter 1, Special Service District Act, or the Point of the Mountain State Land Authority, created in Section 11-59-201. See Utah Code 11-36a-102
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) deposit a receipt for an impact fee in the appropriate ledger account established under Subsection (1);

(3) retain the interest earned on each fund or ledger account in the fund or ledger account;

(4) at the end of each fiscal year, prepare a report that:

(4)(a) for each fund or ledger account, shows:

(4)(a)(i) the source and amount of all money collected, earned, and received by the fund or ledger account during the fiscal year; and

(4)(a)(ii) each expenditure from the fund or ledger account;

(4)(b) accounts for all impact fee funds that the local political subdivision has on hand at the end of the fiscal year;

(4)(c) identifies the impact fee funds described in Subsection (4)(b) by:

(4)(c)(i) the year in which the impact fee funds were received;

(4)(c)(ii) the project from which the impact fee funds were collected;

(4)(c)(iii) the project for which the impact fee funds are budgeted; and

(4)(c)(iv) the projected schedule for expenditure; and

(4)(d) is:

(4)(d)(i) in a format developed by the state auditor;

(4)(d)(ii) certified by the local political subdivision’s chief financial officer; and

(4)(d)(iii) transmitted to the state auditor within 180 days after the day on which the fiscal year ends.