A local political subdivision that collects an impact fee shall: (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.
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