Public Funds Reporting Amendments

HB 475 requires Utah's state auditor to annually report each entity holding public funds - including state agencies, departments, and public corporations - on their total cash, cash equivalents, and investment balances. This amendment modifies existing duties under Utah Code Section 67-3-1 by adding a specific annual reporting requirement for fund balances. It directly affects all state entities managing public funds by mandating transparency about their financial holdings. The bill makes no changes to funding or procedures beyond this new reporting obligation. The law was signed by the governor in March 2025.