Fiscal period -- Annual or biennial

(1) Except as provided in Subsection (2), the fiscal period for each county is an annual period beginning on January 1 of each year and ending December 31 of the same calendar year. (2) (a) Notwithstanding Subsection (1), a county legislative body may, by ordinance, adopt for the county a fiscal period that is a biennial period beginning January 1 and ending December 31 of the following calendar year. (b) Each legislative body adopting an ordinance under Subsection (2)(a) shall separately specify in the county budget the amount of ad valorem property tax the county intends to levy and collect during both the first half and the second half of the budget period. (c) Each county that adopts a fiscal period that is a biennial period under Subsection (2)(a) shall: (i) comply with Sections 59-2-912 through 59-2-926 as if the county had adopted a fiscal period that is an annual period; and (ii) allocate budgeted revenues and expenditures to each of the two annual periods in the biennial budget. (d) The legislative body of each county that adopts a fiscal period that is a biennial period under Subsection (2)(a) shall, within 10 days after the adoption of the ordinance adopting the biennial period, deliver a copy of the ordinance to the state auditor.