| << Previous Section (10-5-112) | Next Section (10-5-114) >> |
Utah Municipal Code | |
Uniform Fiscal Procedures Act for Utah Towns | |
Section 113 | Accumulation of retained earnings or fund balance -- Limit as to general fund -- Reserve for capital improvements. |
|
10-5-113. Accumulation of retained earnings or fund balance -- Limit as to general
fund -- Reserve for capital improvements. (1) Towns may accumulate retained earnings or fund balances, as appropriate, in any fund. (2) The accumulation of a fund balance in the General Fund may not exceed 75% of the total estimated revenue of the General Fund. (3) The council may, in any budget year, appropriate from estimated revenue or excess fund balance in the General Fund to a reserve for capital improvements, for the purpose of financing future specified capital improvements, pursuant to a formal long-range capital plan adopted by the governing body. The reserves may accumulate from year to year in a capital improvements fund until the accumulated total is sufficient to permit economical expenditure for the specified purposes.
Amended by Chapter 181, 1986 General Session |
| << Previous Section (10-5-112) | Next Section (10-5-114) >> |