Section 10-5-113 - Accumulation of retained earnings or fund balance - Limit as to general fund - Reserve for capital improvements(1) A town may accumulate retained earnings or fund balances, as appropriate, in any fund. (2) The accumulation of a fund balance in the town general fund may not exceed 100% of the total revenue of the town general fund for the current fiscal period.(3)(a) The town council may, in a budget year, appropriate from estimated revenue or excess fund balance in the town general fund to a reserve for capital improvements: (i) for the purpose of financing future specified capital improvements; and(ii) in accordance with a formal long-range capital plan adopted by the governing body.(b) The reserves described in Subsection (3)(a) may accumulate from year to year in a capital improvements fund until the accumulated total is sufficient to permit economical expenditure for the specified purposes.Amended by Chapter 52, 2021 General Session ,§ 1, eff. 5/5/2021.Amended by Chapter 176, 2014 General Session ,§ 4, eff. 5/13/2014.Amended by Chapter 181, 1986 General Session