Compendium of Budget Information for the 2014 General Session

Social Services
Appropriations Subcommittee PDF icon (PDF)
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Agency: Workforce Services

Line Item: State Small Business Credit Initiative Program Fund

Function

The State Small Business Credit Initiative Program Fund is an enterprise fund to provide loan and loan guarantees for the federal government's Small Business Credit Initiative. The program guarantees up to 80% of loans for small business owners. Because the state purchases portions of loans, the program receives fee and interest income. The program is self-sustaining and uses its income to cover potential losses.

Statutory Authority

Based on current law (UCA 35A-8-1201) the State Small Business Credit Initiative Program Fund functions as an enterprise fund. UCA 35A-8-1203 directs an annual report by November 1 to the Economic Development and Workforce Services Interim Committee on the effectiveness of the loan and loan guarantee program.

This Fund receives revenue automatically as per UCA 35A-8-1201 indicates that revenues may come from "grants, pay backs, bonuses, entitlements, and other money received from the federal government to implement the State Small Business Credit Initiative; and transfers, grants, gifts, bequests, and other money made available from any source to implement this part."

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)
Federal Funds
Dedicated Credits Revenue
Interest Income
Repayments
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 $4,345,600 $0 $9,000,000
$0
$9,000,000
($5,000,000)
$4,000,000
$0 $0 $900 $34,700 $349,200
$15,000
$364,200
($24,200)
$340,000
$0 $0 $22,000 $28,400 $0
$0
$0
$0
$0
$0 $0 $0 $0 $15,000
($15,000)
$0
$0
$0
$0 $0 $0 $4,271,500 $7,000,000
($3,513,100)
$3,486,900
$0
$3,486,900
$0 $0 ($4,271,500) ($3,486,900) ($8,000,000)
$4,513,100
($3,486,900)
($975,800)
($4,462,700)
$0
$0
$97,000
$847,700
$8,364,200
$1,000,000
$9,364,200
($6,000,000)
$3,364,200
Programs:
(click linked program name to drill-down)
State Small Business Credit Initiative Program Fund
Total
2010
Actual
2011
Actual
2012
Actual
2013
Actual
2014
Approp
2014
Change
2014
Revised
2015
Change
2015
Approp
$0 $0 $97,000 $847,700 $8,364,200
$1,000,000
$9,364,200
($6,000,000)
$3,364,200
$0
$0
$97,000
$847,700
$8,364,200
$1,000,000
$9,364,200
($6,000,000)
$3,364,200
Categories of Expenditure
(mouse-over category name for definition)
Personnel Services
In-state Travel
Out-of-state Travel
Current Expense
DP Current Expense
DP Capital Outlay
Other Charges/Pass Thru
Total
2010
Actual
2011
Actual
2012
Actual
2013
Actual
2014
Approp
2014
Change
2014
Revised
2015
Change
2015
Approp
$0 $0 $81,300 $98,100 $151,400
($117,100)
$34,300
$117,100
$151,400
$0 $0 $400 $300 $4,600
$3,200
$7,800
($3,200)
$4,600
$0 $0 $3,500 $9,300 $7,200
$3,200
$10,400
($3,200)
$7,200
$0 $0 $11,800 $1,900 $102,800
($59,300)
$43,500
$59,300
$102,800
$0 $0 $0 $100 $0
$1,000
$1,000
($1,000)
$0
$0 $0 $0 $0 $4,000
($4,000)
$0
$4,000
$4,000
$0 $0 $0 $738,000 $8,094,200
$1,173,000
$9,267,200
($6,173,000)
$3,094,200
$0
$0
$97,000
$847,700
$8,364,200
$1,000,000
$9,364,200
($6,000,000)
$3,364,200
Other Indicators
 
Actual FTE
Change in Fund Balance

2010
Actual
2011
Actual
2012
Actual
2013
Actual
2014
Approp
2014
Change
2014
Revised
2015
Change
2015
Approp
0.0 0.0 0.0 0.8 0.0
0.0
0.0
0.0
0.0
$0 $0 $4,271,500 $0 $1,000,000
($1,000,000)
$0
$1,000,000
$1,000,000









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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.