1. (1) The director of the Division of Finance shall:

   1. (a) define fiscal procedures relating to approval and allocation of funds;
   2. (b) provide for the accounting control of funds;

   3. (c) promulgate rules that:

      1. (i) establish procedures for maintaining detailed records of all types of leases;
      2. (ii) account for all types of leases in accordance with generally accepted accounting principles;
      3. (iii) require the performance of a lease with an option to purchase study by state agencies prior to any lease with an option to purchase acquisition of capital equipment; and
      4. (iv) require that the completed lease with an option to purchase study be approved by the director of the Division of Finance;

   4. (d) if the department operates the Division of Finance as an internal service fund agency in accordance with Section 63A-1-109.5, submit to the Rate Committee established in Section 63A-1-114:

      1. (i) the proposed rate and fee schedule as required by Section 63A-1-114; and
      2. (ii) other information or analysis requested by the Rate Committee;
   5. (e) oversee the Office of State Debt Collection;
   6. (f) publish the state's current constitutional debt limit on the public finance website established by the state auditor in accordance with Section 67-3-12; and
   7. (g) prescribe other fiscal functions required by law or under the constitutional authority of the governor to transact all executive business for the state.

2. (2)

   1. (a) Institutions of higher education are subject to the provisions of Title 63A, Chapter 3, Part 1, General Provisions, and Title 63A, Chapter 3, Part 2, Accounting System, only to the extent expressly authorized or required by the Utah Board of Higher Education under Title 53H, Higher Education.
   2. (b) Institutions of higher education shall submit financial data for the past fiscal year conforming to generally accepted accounting principles to the director of the Division of Finance.

3. (3) The Division of Finance shall prepare financial statements and other reports in accordance with legal requirements and generally accepted accounting principles for the state auditor's examination and certification:

   1. (a) not later than 60 days after a request from the state auditor; and
   2. (b) at the end of each fiscal year.

Amended by Chapter 9, 2025 Special Session 1