Agency: Economic Development Function The role of the Governor's Office of Economic Development is to facilitate the growth of quality jobs, promote Utah business, and develop economic prosperity for Utah by increasing the net tax revenue to the State.
Statutory Authority Statutory authority for the Governor's Office of Economic Development is provided in UCA 63M-1. GOED shall: - Be the industrial promotion authority of the state;
- Promote and encourage the economic, commercial, financial, industrial, agricultural, and civic welfare of the state;
- Create, develop, attract, and retain business, industry, and commerce within the state; and
- Enhance the economy of the state.
Special Funds The Governor's Office of Economic Development administers the following special funds: The Industrial Assistance Fund is funded through contingent appropriations from the General Fund. Funding is used to pay for post-performance grants issued by the Board of Business and Economic Development. The Tourism Marketing Performance Fund is funded through a sales tax earmark of 21 NAICS codes. Funds are increased certain growth levels are met. Funding is used in three ways: Advertising, COOP program and to fund the Utah Sports Commission. The Motion Picture Incentive Fund receives funding from the General Fund. Funds are used to provide grants to motion pictures meeting the criteria established in statute. Funding Detail Funding detail for the office is included in the table below. Table 1: Operating and Capital Budget Including Expendable Funds and Accounts Sources of Finance
(click linked fund name for more info) | 2009
Actual | 2010
Actual | 2011
Actual | 2012
Actual | 2013
Approp | | General Fund | $13,420,600 | $12,954,000 | $12,216,300 | $14,622,400 | $16,097,100 | | General Fund, One-time | $4,683,700 | $3,939,800 | $3,945,000 | $17,201,900 | $2,500,000 | | Transportation Fund | $118,000 | $118,000 | $118,000 | $118,000 | $118,000 | | Federal Funds | $300,000 | $300,000 | $272,700 | $1,040,500 | $1,135,000 | | American Recovery and Reinvestment Act | $0 | $0 | $200,000 | $0 | $0 | | Dedicated Credits Revenue | $96,000 | $209,200 | $274,000 | $428,500 | $703,700 | | Interest Income | $783,300 | $243,300 | $172,100 | $39,900 | $0 | | GFR - Industrial Assistance | $223,500 | $223,500 | $223,500 | $223,500 | $250,000 | | GFR - Motion Picture Incentive | $3,831,300 | $2,206,300 | $2,206,300 | $0 | $0 | | GFR - Tourism Marketing Performance | $10,888,000 | $7,000,000 | $6,950,000 | $7,000,000 | $9,000,000 | | Beginning Nonlapsing | $9,248,200 | $7,290,500 | $8,275,300 | $10,794,700 | $70,000 | | Closing Nonlapsing | ($7,290,500) | ($8,275,300) | ($10,794,800) | ($7,884,900) | $0 | | Lapsing Balance | ($956,800) | ($233,800) | ($408,900) | ($253,000) | $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 | $38,219,700 | $29,111,500 | $25,620,700 | $33,771,600 | $29,873,800 |
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| | | | | | Line Items
(click linked line item name to drill-down) | 2009
Actual | 2010
Actual | 2011
Actual | 2012
Actual | 2013
Approp |
|---|
| Administration | $4,017,400 | $3,252,300 | $4,654,500 | $9,104,600 | $6,474,200 | | Office of Tourism | $20,680,900 | $12,229,600 | $11,928,800 | $13,612,300 | $13,412,400 | | Business Development | $9,566,800 | $10,069,300 | $6,725,000 | $9,414,600 | $9,752,800 | | Pete Suazo Utah Athletics Commission | $296,900 | $181,000 | $169,100 | $160,100 | $234,400 | | Industrial Assistance Fund | $3,657,700 | $3,379,300 | $2,143,300 | $1,480,000 | $0 | | Total | $38,219,700 | $29,111,500 | $25,620,700 | $33,771,600 | $29,873,800 |
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| | | | | | Categories of Expenditure
(mouse-over category name for definition) | 2009
Actual | 2010
Actual | 2011
Actual | 2012
Actual | 2013
Approp |
|---|
| Personnel Services | $6,027,300 | $5,744,300 | $6,065,500 | $6,430,800 | $6,864,000 | | In-state Travel | $102,700 | $80,300 | $80,400 | $88,600 | $82,400 | | Out-of-state Travel | $184,700 | $127,700 | $178,700 | $241,500 | $169,700 | | Current Expense | $9,668,700 | $8,269,200 | $6,331,200 | $8,983,800 | $4,309,400 | | DP Current Expense | $364,500 | $306,400 | $386,000 | $434,300 | $319,800 | | DP Capital Outlay | $0 | $20,100 | $0 | $294,100 | $34,300 | | Capital Outlay | $0 | $0 | $39,800 | $0 | $5,500 | | Other Charges/Pass Thru | $21,648,300 | $14,340,000 | $12,315,600 | $17,075,000 | $18,088,700 | | Transfers | $223,500 | $223,500 | $223,500 | $223,500 | $0 | | Total | $38,219,700 | $29,111,500 | $25,620,700 | $33,771,600 | $29,873,800 |
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Other Indicators | 2009
Actual | 2010
Actual | 2011
Actual | 2012
Actual | 2013
Approp | | Budgeted FTE | 64.0 | 65.6 | 75.0 | 68.0 | 35.0 | | Actual FTE | 64.8 | 65.8 | 75.0 | 71.6 | 0.0 | | Vehicles | 6 | 6 | 6 | 6 | 4 | | Change in Fund Balance | (2,874,400) | (3,136,000) | (1,971,200) | 9,559,900 | 0 |
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Subcommittee Table of Contents
Table 2: Operating and Capital Budgets Sources of Finance
(click linked fund name for more info) | 2009
Actual | 2010
Actual | 2011
Actual | 2012
Actual | 2013
Approp | | General Fund | $13,420,600 | $12,954,000 | $12,216,300 | $14,622,400 | $16,097,100 | | General Fund, One-time | $4,683,700 | $3,939,800 | $3,945,000 | $6,201,900 | $2,500,000 | | Transportation Fund | $118,000 | $118,000 | $118,000 | $118,000 | $118,000 | | Federal Funds | $300,000 | $300,000 | $272,700 | $1,040,500 | $1,135,000 | | American Recovery and Reinvestment Act | $0 | $0 | $200,000 | $0 | $0 | | Dedicated Credits Revenue | $96,000 | $209,200 | $274,000 | $428,500 | $703,700 | | GFR - Industrial Assistance | $223,500 | $223,500 | $223,500 | $223,500 | $250,000 | | GFR - Motion Picture Incentive | $3,831,300 | $2,206,300 | $2,206,300 | $0 | $0 | | GFR - Tourism Marketing Performance | $10,888,000 | $7,000,000 | $6,950,000 | $7,000,000 | $9,000,000 | | Beginning Nonlapsing | $9,248,200 | $7,290,500 | $8,275,300 | $10,794,700 | $70,000 | | Closing Nonlapsing | ($7,290,500) | ($8,275,300) | ($10,794,800) | ($7,884,900) | $0 | | Lapsing Balance | ($956,800) | ($233,800) | ($408,900) | ($253,000) | $0 | | Total | $34,562,000 | $25,732,200 | $23,477,400 | $32,291,600 | $29,873,800 |
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| | | | | | Line Items
(click linked line item name to drill-down) | 2009
Actual | 2010
Actual | 2011
Actual | 2012
Actual | 2013
Approp |
|---|
| Administration | $4,017,400 | $3,252,300 | $4,654,500 | $9,104,600 | $6,474,200 | | Office of Tourism | $20,680,900 | $12,229,600 | $11,928,800 | $13,612,300 | $13,412,400 | | Business Development | $9,566,800 | $10,069,300 | $6,725,000 | $9,414,600 | $9,752,800 | | Pete Suazo Utah Athletics Commission | $296,900 | $181,000 | $169,100 | $160,100 | $234,400 | | Total | $34,562,000 | $25,732,200 | $23,477,400 | $32,291,600 | $29,873,800 |
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| | | | | | Categories of Expenditure
(mouse-over category name for definition) | 2009
Actual | 2010
Actual | 2011
Actual | 2012
Actual | 2013
Approp |
|---|
| Personnel Services | $6,027,300 | $5,744,300 | $6,065,500 | $6,430,800 | $6,864,000 | | In-state Travel | $102,700 | $80,300 | $80,400 | $88,600 | $82,400 | | Out-of-state Travel | $184,700 | $127,700 | $178,700 | $241,500 | $169,700 | | Current Expense | $9,743,300 | $8,286,000 | $6,333,600 | $8,986,200 | $4,309,400 | | DP Current Expense | $364,500 | $306,400 | $386,000 | $434,300 | $319,800 | | DP Capital Outlay | $0 | $20,100 | $0 | $294,100 | $34,300 | | Capital Outlay | $0 | $0 | $39,800 | $0 | $5,500 | | Other Charges/Pass Thru | $18,139,500 | $11,167,400 | $10,393,400 | $15,816,100 | $18,088,700 | | Total | $34,562,000 | $25,732,200 | $23,477,400 | $32,291,600 | $29,873,800 |
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Other Indicators | 2009
Actual | 2010
Actual | 2011
Actual | 2012
Actual | 2013
Approp | | Budgeted FTE | 64.0 | 65.6 | 75.0 | 68.0 | 35.0 | | Actual FTE | 64.8 | 65.8 | 75.0 | 71.6 | 0.0 | | Vehicles | 6 | 6 | 6 | 6 | 4 |
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Subcommittee Table of Contents
Table 3: Expendable Funds and Accounts 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 |
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| | | | | | Line Items
(click linked line item 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 |
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| | | | | | 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 |
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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 |
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