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Committee advances bill requiring annual statewide report on local cash, cash equivalents and investments
Summary
House Bill 475 would require the state auditor to publish an annual report breaking down cash, cash equivalents and investments held by political subdivisions and certain state entities; the committee passed the bill with a favorable recommendation.
The House Revenue and Taxation Committee on Feb. 26 voted unanimously to pass House Bill 475 (first substitute) with a favorable recommendation. The bill requires the state auditor to prepare an annual report that summarizes cash, cash equivalents and investments held by political subdivisions and some state agencies and to make that report available on Utah’s Transparent Government website.
Representative Walter, sponsor of HB 475, said the measure grew from concern about large growth in balances in the Public Treasurer’s Investment Fund (PTIF). He noted PTIF…
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