Accounting of impact fees.

1. Law
2. Utah Code
3. Cities, Counties, and Local Taxing Units
4. Impact Fees Act
5. Impact Fee Proceeds
6. Accounting of impact fees.

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

• (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:
  • (a) for each fund or ledger account, shows:
    • (i) the source and amount of all money collected, earned, and received by the fund or ledger account during the fiscal year; and
    • (ii) each expenditure from the fund or ledger account;
  • (b) accounts for all impact fee funds that the local political subdivision has on hand at the end of the fiscal year;
  • (c) identifies the impact fee funds described in Subsection (4)(b) by:
    • (i) the year in which the impact fee funds were received;
    • (ii) the project from which the impact fee funds were collected;
    • (iii) the project for which the impact fee funds are budgeted; and
    • (iv) the projected schedule for expenditure; and
  • (d) is:
    • (i) in a format developed by the state auditor;
    • (ii) certified by the local political subdivision's chief financial officer; and
    • (iii) transmitted to the state auditor within 180 days after the day on which the fiscal year ends.

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