§ 10-5-113. Accumulation of retained earnings or fund balance -- Limit as to general fund -- Reserve for capital improvements. (Effective 5/13/2014)

Latest version.

(1)	A town may accumulate retained earnings or fund balances, as appropriate, in any fund.

(2)	The accumulation of a fund balance in the town general fund may not exceed 75% of the total revenue of the town general fund for the current fiscal period.

(3)

(a)

The town council may, in a budget year, appropriate from estimated revenue or excess fund balance in the town general fund to a reserve for capital improvements:

(i)	for the purpose of financing future specified capital improvements; and

(ii)	in accordance with a formal long-range capital plan adopted by the governing body.

(b)	The reserves described in Subsection (3)(a) may accumulate from year to year in a capital improvements fund until the accumulated total is sufficient to permit economical expenditure for the specified purposes.

Amended by Chapter 176, 2014 General Session

                    
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