Utah Admin. Code R23-5-6 - Funding of Statewide Contingency Reserve
(1) All appropriated funds budgeted for
contingencies shall be transferred to the statewide contingency reserve upon
their receipt by the division. This includes budget elements previously
referred to as "design contingency" and "project contingency."
(2) The division shall budget for
contingencies based upon a sliding scale percentage of the construction cost.
(a) For new construction, the sliding scale
shall range from 4-1/2% to 6-1/2%.
(b) For remodeling projects, the sliding
scale shall range from 6% to 9-1/2%.
(c) The sliding scale shall be approved by
the director and kept on file by the division.
(d) When projects are funded from both
appropriated funds and non-appropriated funds, the amount budgeted for
contingencies shall be prorated so that only that portion associated with the
appropriated funds' share of the project is transferred to the statewide
contingency reserve.
Notes
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