(1) establish a separate interest bearing ledger account for each type of public facility for which an impact fee is collected;

(2) deposit a receipt for an impact fee in the appropriate ledger account established under Subsection (1);

(3) retain the interest earned on each fund or ledger account in the fund or ledger account;

(4) at the end of each fiscal year, prepare a report that: (a) for each fund or ledger account, shows: (i) the source and amount of all money collected, earned, and received by the fund or ledger account during the fiscal year; and (ii) each expenditure from the fund or ledger account; (b) accounts for all impact fee funds that the local political subdivision has on hand at the end of the fiscal year; (c) identifies the impact fee funds described in Subsection (4)(b) by: (i) the year in which the impact fee funds were received; (ii) the project from which the impact fee funds were collected; (iii) the project for which the impact fee funds are budgeted; and (iv) the projected schedule for expenditure; and (d) is: (i) in a format developed by the state auditor; (ii) certified by the local political subdivision's chief financial officer; and (iii) transmitted to the state auditor within 180 days after the day on which the fiscal year ends.

(a) for each fund or ledger account, shows: (i) the source and amount of all money collected, earned, and received by the fund or ledger account during the fiscal year; and (ii) each expenditure from the fund or ledger account;

(i) the source and amount of all money collected, earned, and received by the fund or ledger account during the fiscal year; and

(ii) each expenditure from the fund or ledger account;

(b) accounts for all impact fee funds that the local political subdivision has on hand at the end of the fiscal year;

(c) identifies the impact fee funds described in Subsection (4)(b) by: (i) the year in which the impact fee funds were received; (ii) the project from which the impact fee funds were collected; (iii) the project for which the impact fee funds are budgeted; and (iv) the projected schedule for expenditure; and

(i) the year in which the impact fee funds were received;

(ii) the project from which the impact fee funds were collected;

(iii) the project for which the impact fee funds are budgeted; and

(iv) the projected schedule for expenditure; and

(d) is: (i) in a format developed by the state auditor; (ii) certified by the local political subdivision's chief financial officer; and (iii) transmitted to the state auditor within 180 days after the day on which the fiscal year ends.

(i) in a format developed by the state auditor;

(ii) certified by the local political subdivision's chief financial officer; and

(iii) transmitted to the state auditor within 180 days after the day on which the fiscal year ends.