COBI 2014 - Industrial Assistance Fund

Compendium of Budget Information for the 2014 General Session

Business, Economic Development, and Labor
Appropriations Subcommittee

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Agency: Economic Development

Line Item: Industrial Assistance Fund

Function

The Industrial Assistance Fund is a post performance grant utilized for the creation of high paying jobs in the state.

Companies looking to expand or relocate to Utah may apply for these grants. Incentives are paid on a post performance basis after jobs are created in yearly increments. In order to receive the grant funding the jobs must be retained over the life of the project. The length of an Industrial Assistance Fund Grant is approximately 5 years. Grants fall into four categories:

Urban - requiring the creating of at least 50 jobs paying 125% of the county average wage.

Corporate Headquarters - Requires a company to relocate their headquarters to Utah

Economic Opportunities - Companies relocating or expanding in Utah providing significant investment in employees, contractors, vendors are eligible under this category.

Rural - Up to 20 percent of the Industrial Assistance Fund allocation can be used for economic opportunities in rural areas of the state. Rural jobs receiving incentive funding must be at 100 percent of the county average wage.

Intent Language

Under Section 63J-1-603 of the Utah Code, the Legislature intends that appropriations provided for the Industrial Assistance Fund (Fund 1054) be non-lapsing.

Funding Detail

For more detail about a particular source of finance or organizational unit, click a linked entry in the left column of the table(s) below.

Sources of Finance (click linked fund name for more info)
General Fund, One-time
Interest Income
Transfers
Transfers - Within Agency
Beginning Fund Balance
Ending Fund Balance
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
$0	$0	$11,000,000	$1,884,400	$0	$0	$0	$0	$0
$243,300	$172,100	$39,900	$0	$0	$0	$0	$150,000	$150,000
$0	$0	$0	$0	$0	$0	$0	$6,500,000	$6,500,000
$0	$0	$0	$0	$0	$0	$0	($250,000)	($250,000)
$29,174,800	$26,038,800	$24,067,600	$0	$0	$0	$0	$29,005,300	$29,005,300
($26,038,800)	($24,067,600)	($33,627,500)	$0	$0	$0	$0	($33,307,700)	($33,307,700)
$3,379,300	$2,143,300	$1,480,000	$1,884,400	$0	$0	$0	$2,097,600	$2,097,600

Programs: (click linked program name to drill-down)
Industrial Assistance Fund
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
$3,379,300	$2,143,300	$1,480,000	$1,884,400	$0	$0	$0	$2,097,600	$2,097,600
$3,379,300	$2,143,300	$1,480,000	$1,884,400	$0	$0	$0	$2,097,600	$2,097,600

Categories of Expenditure (mouse-over category name for definition)
Current Expense
Other Charges/Pass Thru
Transfers
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
($16,800)	($2,400)	($2,400)	$0	$0	$0	$0	($2,400)	($2,400)
$3,172,600	$1,922,200	$1,258,900	$1,884,400	$0	$0	$0	$2,100,000	$2,100,000
$223,500	$223,500	$223,500	$0	$0	$0	$0	$0	$0
$3,379,300	$2,143,300	$1,480,000	$1,884,400	$0	$0	$0	$2,097,600	$2,097,600

Other Indicators
Change in Fund Balance

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
($3,136,000)	($1,971,200)	$9,559,900	$0	$0	$0	$0	$0	$0

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COBI contains unaudited data as presented to the Legislature by state agencies at the time of publication. For audited financial data see the State of Utah's Comprehensive Annual Financial Reports.