(1) Agency funds shall be accounted for separately from the funds of the community that created the agency.

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Terms Used In Utah Code 17C-1-208

  • Agency funds: means money that an agency collects or receives for agency operations, implementing a project area plan or an implementation plan as defined in Section 17C-1-1001, or other agency purposes, including:
         (5)(a) project area funds;
         (5)(b) income, proceeds, revenue, or property derived from or held in connection with the agency's undertaking and implementation of project area development or agency-wide project development as defined in Section 17C-1-1001;
         (5)(c) a contribution, loan, grant, or other financial assistance from any public or private source;
         (5)(d) project area incremental revenue as defined in Section 17C-1-1001; or
         (5)(e) property tax revenue as defined in Section 17C-1-1001. See Utah Code 17C-1-102
  • Community: means a county or municipality. See Utah Code 17C-1-102
(2) An agency may accumulate retained earnings or fund balances, as appropriate, in any fund.