Utah Admin. Code R23-5-8 - Funding of Project Reserve
(1)
After all major construction contracts for a project have been awarded, and
after setting aside adequate reserves for any remaining construction work which
was not included in the construction contracts, any remaining balance of
appropriated funds in the construction budget shall be transferred to the
project reserve.
(2) Upon
completion of the project, any residual balance of appropriated funds in any
budget category shall be transferred to the project reserve; however, if the
residual balance is the result of a reduction in a contract balance which had
previously been funded from the statewide contingency reserve, the residual
balance shall be transferred instead to the statewide contingency
reserve.
Notes
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