State Codes and Statutes
Statutes > Utah > Title-51 > Chapter-05 > 51-5-651-5-6. Accounting principles and specific accounting and financial reportingprocedures.
(1) The Division of Finance shall:
(a) use generally accepted accounting principles applicable to governmental units in:
(i) its accounting procedures; and
(ii) its reports of the state's financial position and results of operations in each fiscalperiod; and
(b) note any deviation for budget purposes in the state's financial statements.
(2) Unless otherwise required by generally accepted accounting principles, the followingspecific procedures shall be implemented:
(a) The Division of Finance shall use the basis of accounting established by GASB forfinancial reporting of each fund type.
(b) The Division of Finance shall:
(i) calculate the liabilities associated with postemployment benefits by applying:
(A) GASB standards as they become available; or
(B) appropriate standards available for private business if GASB standards are notavailable;
(ii) recognize all liabilities associated with postemployment benefits in a separate fund forbudget purposes and in the General Fund or other funds as required by GASB for reportingpurposes;
(iii) provide for an ongoing labor additive beginning in the budget request for fiscal year1995 to charge all federal, state, or other programs at a rate sufficient to cover the annual changein the postemployment benefits liabilities of the separate budget fund; and
(iv) provide for ongoing payments against the postemployment liabilities budget fund asemployees qualify for receiving the postemployment benefits.
(c) The Division of Finance shall post receipts of revenues and other resources of eachfund when collected directly to the fund designated to receive them.
(d) The Division of Finance shall use budgetary accounts to:
(i) account for budgetary funds to the extent necessary to reflect the budget position andbudget operations; and
(ii) account for the remaining funds when administrative expenses of the remaining fundsare subject to appropriations, in order to fully reflect the various budgetary commitments asprovided by law.
(e) The Division of Finance shall prepare statements of revenues and expenditures in aform that accurately reflects the results of operations for a particular fiscal period.
(f) The Division of Finance shall determine:
(i) all costs associated with all internal service funds that are eligible for federalreimbursement; and
(ii) all costs that are required to be included in the funds to comply with generallyaccepted accounting principles.
(g) (i) All costs currently borne by a fund or an account that is not an internal service fundthat should be allocated to an internal service fund may be charged as an expense to the internalservice fund, paid to the fund bearing the costs, and recorded as interfund revenue in that fund.
(ii) The Division of Finance may transfer the interfund revenue recorded in funds oraccounts that are not internal service funds to the internal service fund as contributed working
capital.
(h) The Division of Finance shall record revenue in the various funds and accounts inaccordance with generally accepted accounting principles.
(i) (i) The Division of Finance and each administrative unit of state government shallrecord accrued revenue net of any liabilities for revenue refunds as required by Division ofFinance policy.
(ii) Accrued revenue may be used to offset postemployment benefit liabilities and otherliabilities of the state.
Amended by Chapter 85, 1993 General Session
Amended by Chapter 128, 1993 General Session
Amended by Chapter 212, 1993 General Session
