Compendium of Budget Information for the 2012 General Session
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Agency: State Board of Regents Line Item: Economic Development Function This new line item came as a result of a restructuring of the State Board of Regents' Administrative line items during the 2009 General Session. This line item provides support for the Engineering Initiative, the Engineering Loan Repayment Program, and promotes economic development initiatives within the state. Funding Detail
Program: Engineering Initiative Function In the 2001 General Session, the Legislature passed Senate Bill 61 which established an Engineering and Computer Science Initiative. The purpose of this initiative was to double the number of graduates in engineering, computer science, and related technologies by 2006 and to triple the number by 2009. The Technology Initiative Advisory Board (TIAB) was created to assist the Board of Regents in the administration and allocation of the appropriated funds. The Legislature recognized that a significant increase in the number of engineering and computer science graduates from the Utah System of Higher Education over the next several years would stimulate critical technology occupations of the State. To advance the initiative, the Legislature has appropriated a total of $59.7 million over the past nine fiscal years. An important component of the legislation requires USHE institutions to evaluate current program offerings and reallocate funds internally to leverage the state appropriated dollars to enhance the objective of this initiative. It should be noted that even during the period of the State's weak economy, engineering and computer science graduates received job offers in Utah at higher than average starting salaries. Increasing support for engineering and computer science will have a positive impact on the economic development of the State. Statutory Authority The following statute applied to the Engineering Initiative in addition to the laws previously mentioned in Chapter I:
Funding Detail
Program: Engineering Loan Repayment Function The Utah Engineering and Computer Science Loan Forgiveness Program (UECLP) began in 2001 as part of the Engineering and Computer Science initiative created by the Legislature and Governor. The program provides qualified engineering and computer science students with a certificate of forgiveness which guarantees that upon completion of the requirements for loan forgiveness, the recipient will receive a direct credit for reduction of outstanding principal balances of the recipient's outstanding Stafford and Perkins loans. Funding Detail
Program: Economic Development Initiatives Function This new program came as a result of a restructuring of the State Board of Regents' line items during the 2009 General Session. This program provides support to leverage USHE institutions' resources with the goal of sustaining and developing the economy of the state through regional and cluster accleration efforts. Funding Detail
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