COBI 2013 - Industrial Assistance Fund

Compendium of Budget Information for the 2013 General Session

Business, Economic Development, & 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.

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)	2009 Actual	2010 Actual	2011 Actual	2012 Actual	2013 Approp
General Fund, One-time	$0	$0	$0	$11,000,000	$0
Interest Income	$783,300	$243,300	$172,100	$39,900	$0
Beginning Fund Balance	$32,049,200	$29,174,800	$26,038,800	$24,067,600	$0
Ending Fund Balance	($29,174,800)	($26,038,800)	($24,067,600)	($33,627,500)	$0
Total	$3,657,700	$3,379,300	$2,143,300	$1,480,000	$0

Programs: (click linked program name to drill-down)	2009 Actual	2010 Actual	2011 Actual	2012 Actual	2013 Approp
Industrial Assistance Fund	$3,657,700	$3,379,300	$2,143,300	$1,480,000	$0
Total	$3,657,700	$3,379,300	$2,143,300	$1,480,000	$0

Categories of Expenditure (mouse-over category name for definition)	2009 Actual	2010 Actual	2011 Actual	2012 Actual	2013 Approp
Current Expense	($74,600)	($16,800)	($2,400)	($2,400)	$0
Other Charges/Pass Thru	$3,508,800	$3,172,600	$1,922,200	$1,258,900	$0
Transfers	$223,500	$223,500	$223,500	$223,500	$0
Total	$3,657,700	$3,379,300	$2,143,300	$1,480,000	$0

Other Indicators	2009 Actual	2010 Actual	2011 Actual	2012 Actual	2013 Approp
Change in Fund Balance	(2,874,400)	(3,136,000)	(1,971,200)	9,559,900	0

Subcommittee Table of Contents

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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.