State Codes and Statutes

Statutes > Utah > Title-51 > Chapter-05 > 51-5-4

51-5-4. Funds established -- Titles of funds -- Fund functions.
(1) (a) (i) The funds enumerated in this section are established as major fund types.
(ii) All resources and financial transactions of Utah state government shall be accountedfor within one of these major fund types.
(b) (i) All funds or subfunds shall be consolidated into one of the state's major fundtypes.
(ii) Where a specific statute requires that a restricted fund or account be established, thatfund or account shall be accounted for as an individual fund, subfund, or account within themajor fund type to meet generally accepted accounting principles.
(iii) Existing and new activities of state government authorized by the Legislature shallbe accounted for within the framework of the major fund types established in this section.
(c) The Division of Finance shall determine the accounting classification that complieswith generally accepted accounting principles for all funds, subfunds, or accounts created by theLegislature.
(d) (i) Major fund types shall be added by amending this chapter.
(ii) Whenever a new act creates or establishes a fund, subfund, or account withoutamending this chapter, the reference to a fund, subfund, or account in the new act shall beclassified within one of the major fund types established by this section.
(2) Major Fund Type Titles:
(a) General Fund;
(b) Special Revenue Funds;
(c) Capital Projects Funds;
(d) Debt Service Funds;
(e) Permanent Funds;
(f) Enterprise Funds;
(g) Internal Service Funds;
(h) Trust and Agency Funds; and
(i) Discrete Component Unit Funds.
(3) The General Fund shall receive all revenues and account for all expenditures nototherwise provided for by law in any other fund.
(4) Special Revenue Funds account for proceeds of specific revenue sources, other thanpermanent funds, trust and agency funds, or major capital projects, that are legally restricted toexpenditures for a specific purpose.
(a) The Education Fund is a Special Revenue Fund that:
(i) receives all revenues from taxes on intangible property or from a tax on income; and
(ii) is designated for public and higher education.
(b) The Transportation Investment Fund of 2005 is a Special Revenue Fund that accountsfor revenues that are required by law to be expended for the maintenance, construction,reconstruction, or renovation of certain state and federal highways.
(c) The Transportation Fund is a Special Revenue Fund that accounts for all revenuesthat are required by law to be expended for highway purposes.
(d) (i) A Restricted Special Revenue Fund is a Special Revenue Fund created bylegislation or contractual relationship with parties external to the state that:
(A) identifies specific revenues collected from fees, taxes, dedicated credits, donations,federal funds, or other sources;


(B) defines the use of the money in the fund for a specific function of government orprogram within an agency; and
(C) delegates spending authority or authorization to use the fund's assets to a governingboard, administrative department, or other officials as defined in the enabling legislation orcontract establishing the fund.
(ii) A Restricted Special Revenue Fund may only be created by contractual relationshipwith external parties when the sources of revenue for the fund are donated revenues or federalrevenues.
(iii) Restricted Special Revenue Funds are subject to annual legislative review by theappropriate legislative appropriations subcommittee.
(5) Capital Projects Funds account for financial resources to be expended for theacquisition or construction of major capital facilities, except that when financing for theacquisition or construction of a major capital facility is obtained from a trust fund or a proprietarytype fund within one of the major fund types, the money shall be accounted for in those accounts.
(6) Debt Service Funds account for the accumulation of resources for, and the paymentof, the principal and interest on general long-term obligations.
(7) Permanent Funds account for assets that are legally restricted to the extent that onlyearnings, and not principal, may be used for a specific purpose.
(8) Enterprise Funds are designated to account for the following:
(a) operations, financed and operated in a manner similar to private business enterprises,where the Legislature intends that the costs of providing goods or services to the public arefinanced or recovered primarily through user charges;
(b) operations where the Legislature requires periodic determination of revenues earned,expenses incurred, and net income;
(c) operations for which a fee is charged to external users for goods or services; or
(d) operations that are financed with debt that is secured solely by a pledge of the netrevenues from fees and charges of the operations.
(9) Internal Service Funds account for the financing of goods or services provided by onedepartment, division, or agency to other departments, divisions, or agencies of the state, or toother governmental units, on a cost-reimbursement basis.
(10) (a) Trust and Agency Funds account for assets held by the state as trustee or agentfor individuals, private organizations, or other governmental units.
(b) Pension Trust Funds, Investment Trust Funds, Private-Purpose Trust Funds, andAgency Funds are Trust and Agency Funds.
(11) Discrete Component Unit Funds account for the financial resources used to operatethe state's colleges and universities and other discrete component units.

Amended by Chapter 278, 2010 General Session

State Codes and Statutes

Statutes > Utah > Title-51 > Chapter-05 > 51-5-4

51-5-4. Funds established -- Titles of funds -- Fund functions.
(1) (a) (i) The funds enumerated in this section are established as major fund types.
(ii) All resources and financial transactions of Utah state government shall be accountedfor within one of these major fund types.
(b) (i) All funds or subfunds shall be consolidated into one of the state's major fundtypes.
(ii) Where a specific statute requires that a restricted fund or account be established, thatfund or account shall be accounted for as an individual fund, subfund, or account within themajor fund type to meet generally accepted accounting principles.
(iii) Existing and new activities of state government authorized by the Legislature shallbe accounted for within the framework of the major fund types established in this section.
(c) The Division of Finance shall determine the accounting classification that complieswith generally accepted accounting principles for all funds, subfunds, or accounts created by theLegislature.
(d) (i) Major fund types shall be added by amending this chapter.
(ii) Whenever a new act creates or establishes a fund, subfund, or account withoutamending this chapter, the reference to a fund, subfund, or account in the new act shall beclassified within one of the major fund types established by this section.
(2) Major Fund Type Titles:
(a) General Fund;
(b) Special Revenue Funds;
(c) Capital Projects Funds;
(d) Debt Service Funds;
(e) Permanent Funds;
(f) Enterprise Funds;
(g) Internal Service Funds;
(h) Trust and Agency Funds; and
(i) Discrete Component Unit Funds.
(3) The General Fund shall receive all revenues and account for all expenditures nototherwise provided for by law in any other fund.
(4) Special Revenue Funds account for proceeds of specific revenue sources, other thanpermanent funds, trust and agency funds, or major capital projects, that are legally restricted toexpenditures for a specific purpose.
(a) The Education Fund is a Special Revenue Fund that:
(i) receives all revenues from taxes on intangible property or from a tax on income; and
(ii) is designated for public and higher education.
(b) The Transportation Investment Fund of 2005 is a Special Revenue Fund that accountsfor revenues that are required by law to be expended for the maintenance, construction,reconstruction, or renovation of certain state and federal highways.
(c) The Transportation Fund is a Special Revenue Fund that accounts for all revenuesthat are required by law to be expended for highway purposes.
(d) (i) A Restricted Special Revenue Fund is a Special Revenue Fund created bylegislation or contractual relationship with parties external to the state that:
(A) identifies specific revenues collected from fees, taxes, dedicated credits, donations,federal funds, or other sources;


(B) defines the use of the money in the fund for a specific function of government orprogram within an agency; and
(C) delegates spending authority or authorization to use the fund's assets to a governingboard, administrative department, or other officials as defined in the enabling legislation orcontract establishing the fund.
(ii) A Restricted Special Revenue Fund may only be created by contractual relationshipwith external parties when the sources of revenue for the fund are donated revenues or federalrevenues.
(iii) Restricted Special Revenue Funds are subject to annual legislative review by theappropriate legislative appropriations subcommittee.
(5) Capital Projects Funds account for financial resources to be expended for theacquisition or construction of major capital facilities, except that when financing for theacquisition or construction of a major capital facility is obtained from a trust fund or a proprietarytype fund within one of the major fund types, the money shall be accounted for in those accounts.
(6) Debt Service Funds account for the accumulation of resources for, and the paymentof, the principal and interest on general long-term obligations.
(7) Permanent Funds account for assets that are legally restricted to the extent that onlyearnings, and not principal, may be used for a specific purpose.
(8) Enterprise Funds are designated to account for the following:
(a) operations, financed and operated in a manner similar to private business enterprises,where the Legislature intends that the costs of providing goods or services to the public arefinanced or recovered primarily through user charges;
(b) operations where the Legislature requires periodic determination of revenues earned,expenses incurred, and net income;
(c) operations for which a fee is charged to external users for goods or services; or
(d) operations that are financed with debt that is secured solely by a pledge of the netrevenues from fees and charges of the operations.
(9) Internal Service Funds account for the financing of goods or services provided by onedepartment, division, or agency to other departments, divisions, or agencies of the state, or toother governmental units, on a cost-reimbursement basis.
(10) (a) Trust and Agency Funds account for assets held by the state as trustee or agentfor individuals, private organizations, or other governmental units.
(b) Pension Trust Funds, Investment Trust Funds, Private-Purpose Trust Funds, andAgency Funds are Trust and Agency Funds.
(11) Discrete Component Unit Funds account for the financial resources used to operatethe state's colleges and universities and other discrete component units.

Amended by Chapter 278, 2010 General Session


State Codes and Statutes

State Codes and Statutes

Statutes > Utah > Title-51 > Chapter-05 > 51-5-4

51-5-4. Funds established -- Titles of funds -- Fund functions.
(1) (a) (i) The funds enumerated in this section are established as major fund types.
(ii) All resources and financial transactions of Utah state government shall be accountedfor within one of these major fund types.
(b) (i) All funds or subfunds shall be consolidated into one of the state's major fundtypes.
(ii) Where a specific statute requires that a restricted fund or account be established, thatfund or account shall be accounted for as an individual fund, subfund, or account within themajor fund type to meet generally accepted accounting principles.
(iii) Existing and new activities of state government authorized by the Legislature shallbe accounted for within the framework of the major fund types established in this section.
(c) The Division of Finance shall determine the accounting classification that complieswith generally accepted accounting principles for all funds, subfunds, or accounts created by theLegislature.
(d) (i) Major fund types shall be added by amending this chapter.
(ii) Whenever a new act creates or establishes a fund, subfund, or account withoutamending this chapter, the reference to a fund, subfund, or account in the new act shall beclassified within one of the major fund types established by this section.
(2) Major Fund Type Titles:
(a) General Fund;
(b) Special Revenue Funds;
(c) Capital Projects Funds;
(d) Debt Service Funds;
(e) Permanent Funds;
(f) Enterprise Funds;
(g) Internal Service Funds;
(h) Trust and Agency Funds; and
(i) Discrete Component Unit Funds.
(3) The General Fund shall receive all revenues and account for all expenditures nototherwise provided for by law in any other fund.
(4) Special Revenue Funds account for proceeds of specific revenue sources, other thanpermanent funds, trust and agency funds, or major capital projects, that are legally restricted toexpenditures for a specific purpose.
(a) The Education Fund is a Special Revenue Fund that:
(i) receives all revenues from taxes on intangible property or from a tax on income; and
(ii) is designated for public and higher education.
(b) The Transportation Investment Fund of 2005 is a Special Revenue Fund that accountsfor revenues that are required by law to be expended for the maintenance, construction,reconstruction, or renovation of certain state and federal highways.
(c) The Transportation Fund is a Special Revenue Fund that accounts for all revenuesthat are required by law to be expended for highway purposes.
(d) (i) A Restricted Special Revenue Fund is a Special Revenue Fund created bylegislation or contractual relationship with parties external to the state that:
(A) identifies specific revenues collected from fees, taxes, dedicated credits, donations,federal funds, or other sources;


(B) defines the use of the money in the fund for a specific function of government orprogram within an agency; and
(C) delegates spending authority or authorization to use the fund's assets to a governingboard, administrative department, or other officials as defined in the enabling legislation orcontract establishing the fund.
(ii) A Restricted Special Revenue Fund may only be created by contractual relationshipwith external parties when the sources of revenue for the fund are donated revenues or federalrevenues.
(iii) Restricted Special Revenue Funds are subject to annual legislative review by theappropriate legislative appropriations subcommittee.
(5) Capital Projects Funds account for financial resources to be expended for theacquisition or construction of major capital facilities, except that when financing for theacquisition or construction of a major capital facility is obtained from a trust fund or a proprietarytype fund within one of the major fund types, the money shall be accounted for in those accounts.
(6) Debt Service Funds account for the accumulation of resources for, and the paymentof, the principal and interest on general long-term obligations.
(7) Permanent Funds account for assets that are legally restricted to the extent that onlyearnings, and not principal, may be used for a specific purpose.
(8) Enterprise Funds are designated to account for the following:
(a) operations, financed and operated in a manner similar to private business enterprises,where the Legislature intends that the costs of providing goods or services to the public arefinanced or recovered primarily through user charges;
(b) operations where the Legislature requires periodic determination of revenues earned,expenses incurred, and net income;
(c) operations for which a fee is charged to external users for goods or services; or
(d) operations that are financed with debt that is secured solely by a pledge of the netrevenues from fees and charges of the operations.
(9) Internal Service Funds account for the financing of goods or services provided by onedepartment, division, or agency to other departments, divisions, or agencies of the state, or toother governmental units, on a cost-reimbursement basis.
(10) (a) Trust and Agency Funds account for assets held by the state as trustee or agentfor individuals, private organizations, or other governmental units.
(b) Pension Trust Funds, Investment Trust Funds, Private-Purpose Trust Funds, andAgency Funds are Trust and Agency Funds.
(11) Discrete Component Unit Funds account for the financial resources used to operatethe state's colleges and universities and other discrete component units.

Amended by Chapter 278, 2010 General Session