Title 11 Chapter 36a Section 601

Cities, Counties, and Local Taxing Units
Impact Fees Act
Section 601
Accounting of impact fees.

            

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;

            (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 on each fund or ledger account showing:

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

            (b) each expenditure from the fund or ledger account; and

            (5) produce a report that:

            (a) identifies impact fee funds by the year in which they were received, the project from which the funds were collected, the impact fee projects for which the funds were budgeted, and the projected schedule for expenditure;

            (b) is in a format developed by the state auditor;

            (c) is certified by the local political subdivision's chief financial officer; and

            (d) is transmitted annually to the state auditor.


Enacted by Chapter 47, 2011 General Session