Utah Code Title 63J. Budgeting § 63J-3-202. Computing formula elements

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) For purposes of calculating fiscal year inflation indexes for the previous fiscal year, the Governor's Office of Planning and Budget shall use:

(a) the actual quarterly data released by the U.S. Department of Commerce as of January 31 of each year; and

(b) the most recent U.S. Bureau of Census population estimates as of January 31 of each year.

(2)(a) For purposes of computing the inflation index, the Governor's Office of Planning and Budget shall:

(i) assign the bureau's 1982 calendar year inflation index value of 100 to fiscal year 1989 for purposes of computing fiscal year index values;

(ii) compute all subsequent fiscal year inflation indexes after having assigned the fiscal year 1989 inflation index a value of 100; and

(iii) use the quarterly index values published by the Bureau of Economic Analysis, U.S. Department of Commerce, to compute fiscal year index values.

(b) If the bureau changes its calendar base year, appropriate adjustments are to be made in this chapter to accommodate those changes.

(3)(a) For purposes of computing the most recent fiscal year's population, the Governor's Office of Planning and Budget shall convert the April 1 decennial census estimate to a July 1 estimate, unless otherwise estimated by the Bureau of Census.

(b) If the bureau changes the state's July 1, 1983 base year population after it conducts the 1990 Census, appropriate adjustments shall be made in this chapter to accommodate those changes.

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Cite this article: FindLaw.com - Utah Code Title 63J. Budgeting § 63J-3-202. Computing formula elements - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-63j-budgeting/ut-code-sect-63j-3-202/

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