Compendium of Budget Information for the 2010 General Session
|Economic Development and Revenue
|Subcommittee Table of Contents
In March 2006, the Utah State Legislature created the Utah Science, Technology, and Research (USTAR) economic development initiative. The Initiative has three major components: recruiting and hiring top-notch research teams, construction of research buildings at the University of Utah and Utah State University, and operation of a technology outreach program at 4 locations throughout Utah
The USTAR research teams are expected to bring new funding to the state through federal and commercial contracts and grants. Ultimately, USTAR should generate more technology-based start-up firms and higher-paying job opportunities in Utah through the commercialization of USTAR technologies.
UCA 63M-2 provides statutory authority for the USTAR Governing Authority. Chapter 2 establishes the Governing Authority and an advisory board, defines the scope of the USTAR initiative, and specifies how revenues created by USTAR teams and technologies are to be distributed.
UCA 63B-15-101 authorizes the issuance and sale of general obligation bonds for the construction of the Bio Innovations Research Institute at Utah State University and the James L. Sorenson Molecular Biotechnology building at the University of Utah.
S.B. 240 of the 2009 General Session allocated $33,000,000 in American Recovery and Reinvestment Act funding to the USTAR program. This funding source will make up most of the expenditures for FY 2010 and some of FY 2011. The other state funding source is General Fund. During the 2009 General Sesssion, the Legislature approved USTAR's request to impose fees on certain companies receiving advice through the USTAR Technology Outreach program. These fees represent the dedicated credits revenue.
The nonlapsing balance at the end of FY 2008 does not match the beginning balance for FY 2009 due to a transfer of $47,426,200 to DFCM for buildings.