2006 Utah Code - 63-38-2.6 — Establishing an Education Budget Reserve Account -- Providing for deposits and expenditures from the account.

     63-38-2.6.   Establishing an Education Budget Reserve Account -- Providing for deposits and expenditures from the account.
     (1) There is created within the Uniform School Fund a restricted account to be known as the Education Budget Reserve Account, which is designated to receive the surplus revenue required by this section.
     (2) (a) (i) At the end of any fiscal year in which the Division of Finance, in conjunction with the completion of the annual audit by the state auditor, determines that there is a Uniform School Fund surplus, 25% of the surplus shall be transferred to the Education Budget Reserve Account, except that the amount in the combined totals of the Education Budget Reserve Account and the General Fund Budget Reserve Account created in Section 63-38-2.5 may not exceed 6% of the total of the Uniform School Fund appropriation amount and the General Fund appropriation amount for the fiscal year in which the surplus occurred.
     (ii) In addition to Subsection (2)(a)(i), if a surplus exists and if, within the last ten years, the Legislature has appropriated any money from the Education Budget Reserve Account that has not been replaced by appropriation or as provided in this Subsection (2)(a)(ii), the Division of Finance shall, before any contingent appropriations or other transfers required by law are made, transfer up to 25% more of the surplus to the Education Budget Reserve Account to replace the amounts appropriated until transfers of the surplus under this Subsection (2)(a)(ii) have replaced the appropriations from the fund.
     (b) The amount to be transferred to the Education Budget Reserve Account shall be determined before any other contingency appropriation using surplus funds.
     (3) Any appropriation made by the Legislature from the Education Budget Reserve Account may only be used to cover operating deficits in the state's public and higher education system.
     (4) All interest generated from investments of money in the Education Budget Reserve Account shall be deposited into the account.

Enacted by Chapter 88, 2003 General Session