State Codes and Statutes
Statutes > Utah > Title-51 > Chapter-05 > 51-5-351-5-3. Definitions.
As used in this chapter:
(1) "Account groups" means a self-balancing set of accounts used to establish accountingcontrol and accountability for the state's general fixed assets and general long-term obligations.
(2) "Accrual basis" means the basis of accounting under which revenues are recordedwhen earned and expenditures are recorded when they result in liabilities for benefits received,even though the receipt of the revenue or payment of the expenditures may take place, in wholeor in part, in another accounting period.
(3) "Activity" means a specific and distinguishable line of work performed by one ormore organizational components of a governmental unit to accomplish a function for which thegovernmental unit is responsible.
(4) "Appropriation" means a legislative authorization to make expenditures and to incurobligations for specific purposes.
(5) "Budgetary accounts" means those accounts necessary to reflect budgetary operationsand conditions, such as estimated revenues, appropriations, and encumbrances.
(6) "Cash basis" means the basis of accounting under which revenues are recorded whenreceived in cash and expenditures are recorded when paid.
(7) "Dedicated credit" means:
(a) revenue that is required by law or by the contractual terms under which the revenue isaccepted, to be expended for specified activities; and
(b) revenue that is appropriated by provisions of law to the department, institution, oragency that assessed the revenue, to be expended for the specified activities.
(8) "Encumbrances" means obligations in the form of purchase orders, contracts, or salarycommitments that are chargeable to an appropriation and for which a part of the appropriation isreserved. Encumbrances cease when paid or when the actual liability is set up.
(9) (a) "Expenditures" means decreases in net financial resources from other thaninterfund transfers, refundings of general long-term capital debt, and other items indicated byGASB.
(b) "Expenditures" may include current operating expenses, debt service, capital outlays,employee benefits, earned entitlements, and shared revenues.
(10) (a) "Financial resources" means assets that are obtained or controlled as a result ofpast transactions or events that in the normal course of operations will become cash.
(b) "Financial resources" includes cash, claims to cash such as taxes receivable, andclaims to goods or services such as prepaids.
(11) "Fiscal period" means any period at the end of which a governmental unit determinesits financial position and the results of its operations.
(12) "Function" means a group of related activities aimed at accomplishing a majorservice or regulatory program for which a governmental unit is responsible.
(13) "Fund" means an independent fiscal and accounting entity with a self-balancing setof accounts, composed of financial resources and other assets, all related liabilities and residualequities or balances and changes in those resources, assets, liabilities, and equities that, whenrecorded, are segregated for the purpose of carrying on specific activities or attaining certainobjectives, according to special regulations, restrictions, or limitations.
(14) "Fund accounts" means all accounts necessary to set forth the financial operationsand financial position of a fund.
(15) "GASB" means the Governmental Accounting Standards Board that is responsiblefor accounting standards used by public entities.
(16) (a) "Governmental fund" means funds used to account for the acquisition, use, andbalances of expendable financial resources and related liabilities using a measurement focus thatemphasizes the flow of financial resources.
(b) "Governmental fund" includes the following types: General Fund, special revenuefunds, debt service funds, capital projects funds, and permanent funds.
(17) "Lapse," as applied to appropriations, means the automatic termination of anunexpended appropriation.
(18) "Liabilities" are the probable future sacrifices of economic benefits, arising frompresent obligations of a particular entity to transfer assets or provide services to other entities inthe future.
(19) "Net financial resources" means:
(a) the difference between the amount of a governmental fund's financial resources andliabilities; and
(b) the fund balance of a governmental fund.
(20) "Postemployment" means that period of time following:
(a) the last day worked by an employee as a result of his long-term disability; or
(b) the date that an employee identifies as the date on which the employee intends toretire or terminate from state employment.
(21) "Postemployment benefits" means benefits earned by employees that will not be paiduntil postemployment, including unused vacation leave, unused converted sick leave, sick leavepayments, and health and life insurance benefits as provided in Section 67-19-14.
(22) "Proprietary funds" means those funds or subfunds that show actual financialposition and the results of operations, such as actual assets, liabilities, reserves, fund balances,revenues, and expenses.
(23) "Restricted revenue" means revenue that is required by law to be expended only:
(a) for specified activities; and
(b) to the amount of the legislative appropriation.
(24) "Revenue" means the increase in ownership equity during a designated period oftime that is recognized as earned.
(25) "Subfund" means a restricted account, established within an independent fund, thathas a self-balancing set of accounts to restrict revenues, expenditures, or the fund balance.
(26) "Surplus" means the excess of the assets of a fund over its liabilities and restrictedfund equity.
(27) "Unappropriated surplus" means that portion of the surplus of a given fund that is notsegregated for specific purposes.
(28) "Unrestricted revenue" means revenue of a fund that may be expended by legislativeappropriation for functions authorized in the provisions of law that establish each fund.
Amended by Chapter 175, 2001 General Session
