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Oversight | |
Privatization Policy Board Act | |
Section 203 | Board accounting method. |
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63I-4-203. Board accounting method. The board by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, shall establish an accounting method that: (1) is similar to generally accepted accounting principles used by a private enterprise; (2) allows an agency to identify the total actual cost of engaging in a commercial activity in a manner similar to how a private enterprise identifies the total actual cost to the private enterprise, including the following: (a) a labor expense, such as: (i) compensation and benefits; (ii) a cost of training; (iii) a cost of paying overtime; (iv) a cost of supervising labor; or (v) another personnel expense; (b) an operating cost, such as: (i) vehicle maintenance and repair; (ii) a marketing, advertising, or other sales expense; (iii) an office expense; (iv) a cost of an accounting operation, such as billing; (v) an insurance expense; (vi) a real estate or equipment cost; (vii) a debt service cost; or (viii) a proportionate amount of other overhead or of a capital expense, such as vehicle depreciation and depreciation of other fixed assets; (c) a contract management cost; and (d) another cost particular to a person supplying the good or service; and (3) provides a process to estimate the taxes an agency would pay related to engaging in a commercial activity if the agency were required to pay federal, state, and local taxes to the same extent as a private enterprise engaging in the commercial activity.
Enacted by Chapter 147, 2008 General Session |
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