Port Authority Budget, Reporting, and Audits

Utah Code tit. 11, ch. 11-58, pt. 11-58-P8

in effect

Utah Code § 11-58-801 Annual port authority budget -- Fiscal year -- Public hearing required -- Auditor forms -- Requirement to file annual budget.

11-58-801. Annual port authority budget -- Fiscal year -- Public hearing required -- Auditor forms -- Requirement to file annual budget. (1) The authority shall prepare and its board adopt an annual budget of revenues and expenditures for the authority for each fiscal year. (2) Each annual authority budget shall be adopted before June 30, except that the authority's initial budget shall be adopted as soon as reasonably practicable after the organization of the board and the beginning of authority operations. (3) The authority's fiscal year shall be the period from July 1 to the following June 30. (4) (a) Before adopting an annual budget, the board shall hold a public hearing on the annual budget. (b) The authority shall provide notice of the public hearing on the annual budget by publishing notice: (i) at least once in a newspaper of general circulation within the state, at least one week before the public hearing; and (ii) on the Utah Public Notice Website created in Section 63A-16-601, at least one week immediately before the public hearing. (c) The authority shall make the annual budget available for public inspection at least three days before the date of the public hearing. (5) The state auditor shall prescribe the budget forms and the categories to be contained in each authority budget, including: (a) revenues and expenditures for the budget year; (b) legal fees; and (c) administrative costs, including rent, supplies, and other materials, and salaries of authority personnel. (6) (a) Within 30 days after adopting an annual budget, the board shall file a copy of the annual budget with the auditor of each county in which the authority jurisdictional land is located, the State Tax Commission, the state auditor, the State Board of Education, and each taxing entity that levies a tax on property from which the authority collects property tax differential. (b) The requirement of Subsection (6)(a) to file a copy of the annual budget with the state as a taxing entity is met if the authority files a copy with the State Tax Commission and the state auditor. Amended by Chapter 82, 2022 General Session

Utah Code § 11-58-802 Amending the port authority annual budget.

11-58-802. Amending the port authority annual budget. (1) The board may by resolution amend an annual authority budget. (2) An amendment of the annual authority budget that would increase the total expenditures may be made only after public hearing by notice published as required for initial adoption of the annual budget. (3) The authority may not make expenditures in excess of the total expenditures established in the annual budget as it is adopted or amended. Enacted by Chapter 179, 2018 General Session

Utah Code § 11-58-803 Port authority reporting.

11-58-803. Port authority reporting. (1) (a) On or before November 1 of each year, the authority shall prepare and file a report with the county auditor of each county in which the authority jurisdictional land is located, the State Tax Commission, the State Board of Education, and each taxing entity that levies a tax on property from which the authority collects property tax differential. (b) The requirement of Subsection (1)(a) to file a copy of the report with the state as a taxing entity is met if the authority files a copy with the State Tax Commission and the state auditor. (2) Each report under Subsection (1) shall contain: (a) an estimate of the property tax differential to be paid to the authority for the calendar year ending December 31; and (b) an estimate of the property tax differential to be paid to the authority for the calendar year beginning the next January 1. (3) Before November 30 of each year, the board shall present a report to the Executive Appropriations Committee of the Legislature, as the Executive Appropriations Committee directs, that includes: (a) an accounting of how authority funds have been spent, including funds spent on the environmental sustainability component of the authority business plan under Subsection 11-58-202(1)(a); (b) an update about the progress of the development and implementation of the authority business plan under Subsection 11-58-202(1)(a), including the development and implementation of the environmental sustainability component of the plan; and (c) an explanation of the authority's progress in achieving the policies and objectives described in Subsection 11-58-203(1). (4) The authority shall comply with the requirements described in Title 59, Chapter 36, Tax Increment Financing Reporting. Amended by Chapter 274, 2026 General Session

Utah Code § 11-58-804 Audit requirements.

11-58-804. Audit requirements. The authority shall comply with the audit requirements of Title 51, Chapter 2a, Accounting Reports from Political Subdivisions, Interlocal Organizations, and Other Local Entities Act. Enacted by Chapter 179, 2018 General Session

Utah Code § 11-58-805 Audit report.

11-58-805. Audit report. (1) The authority shall, within 180 days after the end of the authority's fiscal year, file a copy of the audit report with the county auditor, the State Tax Commission, the State Board of Education, and each taxing entity that levies a tax on property from which the authority collects property tax differential. (2) Each audit report under Subsection (1) shall include: (a) the property tax differential collected by the authority; (b) the outstanding principal amount of bonds issued or other loans incurred to finance the costs associated with the authority's projects; and (c) the actual amount expended for: (i) acquisition of property; (ii) site improvements or site preparation costs; (iii) installation of public utilities or other public improvements; and (iv) administrative costs of the authority. Enacted by Chapter 179, 2018 General Session

Utah Code § 11-58-806 Port authority chief financial officer is a public treasurer -- Certain port authority funds are public funds.

11-58-806. Port authority chief financial officer is a public treasurer -- Certain port authority funds are public funds. (1) The authority's chief financial officer: (a) is a public treasurer, as defined in Section 51-7-3; and (b) shall invest the authority funds specified in Subsection (2) as provided in that subsection. (2) Notwithstanding Subsection 63E-2-110(2)(a), property tax differential funds and appropriations that the authority receives from the state: (a) are public funds; and (b) shall be invested as provided in Title 51, Chapter 7, State Money Management Act. Amended by Chapter 1, 2018 Special Session 2

Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title11/Chapter58/11-58-P8.html?v=C11-58-P8_2018031620180316Fetched: 10/26/2026