Title 51, Title 51: Public Funds and Accounts

51-2a-202. Reporting requirements. (1) The governing board of each entity required to have an audit, review, compilation, or fiscal report shall ensure that the audit, review, compilation, or fiscal report is: made at least annually; and filed with the state auditor within six mo…

51-2a-203. Audit reports -- Preservation. (1) The governing body of each political subdivision and each interlocal organization or other local entity required to submit an accounting report shall: file and preserve all accounting reports; and file copies of all accounting reports…

51-2a-301. State auditor responsibilities. (1) Except for political subdivisions that do not receive or expend public funds, the state auditor shall adopt guidelines, qualifications criteria, and procurement procedures for use in the procurement of audit services for all entities…

51-2a-401. Prohibiting access to and withholding funds from an entity that does not comply with reporting requirements. (1) If a political subdivision, interlocal organization, or other local entity does not comply with the accounting report requirements of Section, the state aud…

51-2a-402. Accounting reports of entity not complying with the report requirements. (1) The state auditor shall make, or shall cause an accounting report to be made, of any entity that does not comply with the accounting report requirements as provided in. Title 51, Chapter 2a, P…

51-2a-403. General Fund reimbursed for accounting report of nonappropriated activities -- Amount of reimbursement. (1) The General Fund shall be reimbursed by the entity for which an audit, review, or compilation are in whole or in part performed, whenever the state auditor or le…

51-4-1. Deposits by state officers, boards, commissions, institutions, departments, divisions, agencies, and similar instrumentalities. (1) As used in this section, "agency" means each officer, board, commission, institution, department, division, agency, and other similar instru…

51-4-2. Deposits by political subdivisions. (1) As used in this section: "Officer" means each: county treasurer, county auditor, county assessor, county clerk, clerk of the district court, city treasurer, city clerk, justice court judge; and other officer of a political subdivisi…

51-5-1. Short title. This chapter is known as the "Funds Consolidation Act."

51-5-2. Legislative policy -- General requirements. (1) Each administrative unit of state government shall comply with this chapter, which establishes the state's fiscal procedures for state government funds. (2) Except when in conflict with constitutional and statutory provision…

51-5-3. Definitions. As used in this chapter: (1) "Account groups" means a self-balancing set of accounts used to establish accounting control and accountability for the state's general fixed assets and general long-term obligations. (2) "Accrual basis" means the basis of account…

51-5-4. Funds established -- Titles of funds -- Fund functions. (1) The funds enumerated in this section are established as major fund types. All resources and financial transactions of Utah state government shall be accounted for within one of these major fund types. All funds o…

51-5-4.5. Housing Corporation exempt. The Utah Housing Corporation is exempt from this chapter.

51-5-5. Authority to establish funds or subfunds. The Division of Finance shall, when necessary, establish funds or subfunds, including budgetary and proprietary accounting funds or subfunds within the framework of the major fund types established by this chapter.

51-5-6. Accounting principles and specific accounting and financial reporting procedures. (1) The Division of Finance shall: use generally accepted accounting principles applicable to governmental units in: its accounting procedures; and its reports of the state's financial posit…

51-5-7. Revenues and other resources of governmental funds subject to legislative review and appropriation. The revenues and other resources of the governmental funds are subject to legislative review and appropriation for each fiscal period.

51-5-8. Construction of terms and provisions relating to funds in other statutes. (1) Direct or indirect references to the word "fund," or any other synonymous word contained in the Utah Code Annotated 1953, that is used to identify a separate accounting entity, means a fund acco…

51-7-1. Short title of chapter. This chapter shall be known and may be cited as the "State Money Management Act."

51-7-11. Authorized deposits or investments of public funds. (1) Except as provided in Subsectionsthrough, a public treasurer shall conduct investment transactions through qualified depositories, certified dealers, or directly with issuers of the investment securities. (1)(b) (1)…

51-7-11.5. Certified investment advisers -- Scope of and limits to authority. (1) A certified investment adviser may not make any investments that are inconsistent with this chapter or rules of the council. (2) Except as provided in Subsection, a certified investment adviser acti…

51-7-12.2. Definitions -- Local government other post-employment benefits trust fund -- Investments -- State treasurer duties. (1) As used in this section: "Local Government OPEB Trust Fund" or "Local Government Other Post-Employment Benefits Trust Fund" means money set aside by …

51-7-13. Funds of member institutions of state system of higher education and public education foundations -- Authorized deposits or investments. (1) The provisions of this section apply to all funds of: higher education institutions, other than endowment funds, that are not tran…

51-7-14. Prudent investor rule for management of investments -- Proxy voting -- Sale of security or investment for less than cost -- State treasurer access. (1) Subject to Subsection, a person selecting investments authorized by Sectionsandshall: (2) 51-7-11 51-7-13 select invest…

51-7-15. Crime insurance for state treasurer and other public treasurers -- Reports to council. (1) The state treasurer, county, city, and town treasurers, the clerk or treasurer of each school district, and other public treasurers that the council designates by rule shall obtain…

51-7-16. State Money Management Council -- Members -- Terms -- Vacancies -- Chair and vice chair-- Executive secretary -- Meetings -- Quorum -- Members' disclosure of interests -- Per diem and expenses. (1) There is created a State Money Management Council composed of five member…

51-7-17. Criteria for investments. (1) As used in this section: "Affiliate" means, in relation to a provider: an entity controlled, directly or indirectly, by the provider; an entity that controls, directly or indirectly, the provider; or an entity directly or indirectly under co…

51-7-18. Duties of council. (1) The council shall: advise the state treasurer and other public treasurers about investment policies; cooperate with the commissioner of financial institutions by promoting measures and rules that will assist in strengthening the banking and credit …

51-7-18.1. Qualified depositories list -- Reports -- Treatment of confidential information -- Powers -- Staff -- Limits on powers. (1) The council shall provide a list of qualified depositories to each public treasurer at least semiannually. The list shall include: the name of ea…

51-7-18.2. Public treasurer's reports -- Contents. (1) The council may: require a public treasurer to prepare and file a written report in a form prescribed by the council containing the information required by this section; and specify that the report will contain the informatio…

51-7-18.3. Certified dealers' list -- Fees. (1) The council shall provide a list of certified dealers to each public treasurer at least semiannually. The list of certified dealers shall include: the name of each certified dealer; and the name of each agent authorized by the certi…

51-7-18.4. Certified investment advisers' list -- Fees. (1) The council shall provide a list of certified investment advisers to each public treasurer at least semiannually. The list of certified investment advisers shall include: the name of each certified investment adviser; an…

51-7-19. Increase in deposits of public funds -- Authorization. (1) The commissioner of financial institutions may, with the approval of the council: increase for a period not to exceed 90 days the amount of public funds any qualified depository may hold whenever additional depos…

51-7-2. Exemptions from chapter. (1) Except as provided in Subsection, the following funds are exempt from this chapter: (2) funds invested in accordance with the participating employees' designation or direction pursuant to a public employees' deferred compensation plan establis…

51-7-22. Penalty for violation by public treasurer. (1) Any public treasurer who willfully violates the deposit and investment provisions of this chapter is guilty of a class A misdemeanor. (2) Any public treasurer who knowingly makes or causes to be made a false statement or rep…

51-7-22.4. Penalties for violation by certified investment advisers. (1) An intentional violation by a certified investment adviser of Section,, or, or any rule or order under this chapter is punishable by a civil penalty of: 51-7-7 51-7-11 51-7-11.5 $1,000 for each day of noncom…

51-7-22.5. Enforcement. (1) Whenever it appears to the council that any person has engaged, is engaging, or is about to engage in any act or practice constituting a violation of this chapter or any rule issued under authority of this chapter: the council may bring an action in a …

51-7-23. Transition of investments previously authorized. (1) Any investment held by a public treasurer that as of June 30, 2015, is not in compliance with the provisions of this chapter is subject to review by the council. (2) No later than July 31, 2015, a public treasurer who …

51-7-24. Sales and purchase in violation -- Remedies -- Limitation of action. (1) Each certified investment adviser or certified dealer who transacts securities business with a public treasurer in violation of this chapter or any rule made or order issued under authority of this …

51-7-3. Definitions. As used in this chapter: (1) "Agent" means the same as that term is defined in Section. 61-1-13 (2) "Certified dealer" means: a primary reporting dealer recognized by the Federal Reserve Bank of New York who is certified by the director as having met the appl…

51-7-3.5. State fiscal year. The fiscal year of the state of Utah shall commence on the first day of July of each year.

51-7-4. Transfer of functions, powers, and duties relating to public funds to state treasurer -- Exceptions -- Deposit of income from investment of state money. (1) Unless otherwise required by the Utah Constitution or applicable federal law, the functions, powers, and duties ves…

51-7-5. Public Treasurers' Investment Fund -- Transfer of public funds not otherwise required to be transferred to state treasurer -- Duties of public treasurers -- Withdrawals of transferred funds -- Reporting. (1) Any public funds as to which the deposit, investment, or reinves…

51-7-6. Public Treasurers' Investment Fund -- Calculation of shares of participating funds -- Allocations of income to participating funds. (1) The share of public funds of each participating public treasurer who has transferred public funds to the Public Treasurers' Investment F…

51-7-7. Securities and evidence of deposits and investments -- Custody -- Deposit for safekeeping. (1) The public treasurer shall have custody of all securities purchased or held and all evidence of deposits and investments of public funds. All securities shall be delivered versu…

51-7-8. Separate accounts for funds -- Credit of allocated shares of income and gains or losses. The state treasurer shall keep for each fund for which investments are made, a separate account, to be designated by name and number, which shall record the individual amounts and the…

51-7-9. Quarterly reports by state treasurer -- Audit of accounts of state treasurer -- Report of audit -- Employment of investment staff and services. The state treasurer shall report not less often than quarterly to each participating state officer, board, commission, instituti…