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.