There Is a Newer Version
of
this Section
2024 Utah Code
Title 17 - Counties
Chapter 31 - Recreational, Tourist, and Convention Bureaus
Section 3 - Reserve fund authorized -- Use of collected funds -- Limitation on surplus in fund.
Universal Citation:
UT Code § 17-31-3 (2024)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
Effective 7/1/2022
17-31-3. Reserve fund authorized -- Use of collected funds -- Limitation on surplus in fund.
Amended by Chapter 360, 2022 General Session
17-31-3. Reserve fund authorized -- Use of collected funds -- Limitation on surplus in fund.
- (1) The county legislative body may create a reserve fund.
- (2)
- (a) Subject to Subsections (2)(b) and (c), a county legislative body shall retain any transient room tax funds collected but not expended during any fiscal year in the reserve fund to be used in accordance with Sections 17-31-2 through 17-31-5.
- (b) Except as described in Subsection (2)(c), accumulated unappropriated surplus in the reserve fund, as determined before the county's adoption of a tentative budget, may not exceed 50% of the total transient room tax revenue for the current fiscal year.
- (c) For a fiscal year beginning on or after July 1, 2019, and ending on or before July 1, 2023:
- (i) if a county receives more than 150% of total transient room tax revenue in the fiscal year compared to the total transient room tax revenue received in the previous fiscal year, accumulated unappropriated surplus in the reserve fund, as determined before the county's adoption of a tentative budget, may not exceed 50% of the total transient room tax revenue for the previous fiscal year plus an amount equal to the total transient room tax revenue that is more than 100% of total transient room tax revenue from the previous fiscal year; and
- (ii) if a county adds to the county's reserve fund an amount equal to the total transient room tax revenue that is more than 100% of total transient room tax revenue from the previous fiscal year as authorized in Subsection (2)(c)(i), the county may expend that additional reserve fund money for visitor management and destination development subject to the requirements described in Subsections 17-31-2(6)(a)(ii)(A) and (B).
Amended by Chapter 360, 2022 General Session
Disclaimer: These codes may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
