Chapter 16.25
ACCOUNTING
Sections:
16.25.010 Accounts.
An impact fee account shall be established by the town for each category of capital facilities for which impact fees are collected. Subaccounts may be established for individual impact fee subdistricts. All impact fees collected by the town shall be deposited into the appropriate impact fee account or subaccount, which shall be interest bearing. All interest earned shall be considered funds of the account. The funds of these accounts shall not be commingled with other funds or revenues of the town. The town shall establish and implement necessary accounting controls to ensure that the impact fee funds are properly deposited and appropriated in accordance with this title and other applicable legal requirements. [Ord. 8-8-19 § 3 (Exh. A).]
16.25.020 Reporting.
At the end of each fiscal year, the town shall prepare a report generally showing the source and amount of all monies collected, earned and received by the fund or account and of each expenditure from the fund or account. The report shall also identify impact fee funds by the year in which they were received, the project from which the funds were collected, the capital projects from which the funds were budgeted, and the projected schedule for expenditure and be provided to the State Auditor on the appropriate form found on the State Auditor’s website. [Ord. 8-8-19 § 3 (Exh. A).]
16.25.030 Expenditures.
Funds collected pursuant to the impact fees shall be deposited in such account and only be used by the town to construct and upgrade the respective facilities to adequately service development activity or used as otherwise approved by law. [Ord. 8-8-19 § 3 (Exh. A).]
16.25.040 Refunds.
The town shall refund any impact fee paid as set forth in the Utah State Impact Fees Act when:
A. The fee payer has not proceeded with the development activity and has filed a written request with the council for a refund within one year after the impact fee was paid;
B. The fees have not been spent of encumbered within six years of the payment date; and
C. No impact has resulted. [Ord. 8-8-19 § 3 (Exh. A).]