A local political subdivision that collects an impact fee shall:

1. (1) establish a separate interest bearing ledger account for each type of public facility for which an impact fee is collected;
2. (2) deposit a receipt for an impact fee in the appropriate ledger account established under Subsection (1);
3. (3) retain the interest earned on each fund or ledger account in the fund or ledger account;

4. (4) at the end of each fiscal year, prepare a report that:

   1. (a) for each fund or ledger account, shows:

      1. (i) the source and amount of all money collected, earned, and received by the fund or ledger account during the fiscal year; and
      2. (ii) each expenditure from the fund or ledger account;
   2. (b) accounts for all impact fee funds that the local political subdivision has on hand at the end of the fiscal year;

   3. (c) identifies the impact fee funds described in Subsection (4)(b) by:

      1. (i) the year in which the impact fee funds were received;
      2. (ii) the project from which the impact fee funds were collected;
      3. (iii) the project for which the impact fee funds are budgeted; and
      4. (iv) the projected schedule for expenditure; and

   4. (d) is:

      1. (i) in a format developed by the state auditor;
      2. (ii) certified by the local political subdivision's chief financial officer; and
      3. (iii) transmitted to the state auditor within 180 days after the day on which the fiscal year ends.

Amended by Chapter 394, 2017 General Session