COBI 2014 - Economic Development

Compendium of Budget Information for the 2014 General Session

Business, Economic Development, and Labor
Appropriations Subcommittee

(PDF)

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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.

Issues/Analysis

Governor's Office of Economic Development Federal Funds

Governor's Office of Economic Development Current Year Budget Trends - FY 2014

Governor's Office of Economic Development Restricted Fund Balances FY 2014

In Depth Budget Review Off Budget Funds Governor's Office of Economic Development

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)
General Fund
General Fund, One-time
Transportation Fund
Federal Funds
American Recovery and Reinvestment Act
Dedicated Credits Revenue
Interest Income
GFR - Industrial Assistance
GFR - Motion Picture Incentive
GFR - Tourism Marketing Performance
Transient Room Tax Fund
Transfers
Transfers - Within Agency
Beginning Nonlapsing
Closing Nonlapsing
Lapsing Balance
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
$12,954,000	$12,216,300	$14,622,400	$16,097,100	$19,307,900	$0	$19,307,900	$5,753,000	$25,060,900
$3,939,800	$3,945,000	$17,201,900	$4,556,500	$16,235,000	$75,100	$16,310,100	$4,260,500	$20,570,600
$118,000	$118,000	$118,000	$118,000	$118,000	$0	$118,000	$0	$118,000
$300,000	$272,700	$1,040,500	$1,097,400	$1,607,900	$1,600,200	$3,208,100	($1,797,000)	$1,411,100
$0	$200,000	$0	$0	$0	$0	$0	$0	$0
$209,200	$274,000	$428,500	$643,900	$1,349,700	$1,501,000	$2,850,700	$124,800	$2,975,500
$243,300	$172,100	$39,900	$0	$0	$0	$0	$150,000	$150,000
$223,500	$223,500	$223,500	$250,000	$250,000	$0	$250,000	$0	$250,000
$2,206,300	$2,206,300	$0	$0	$0	$0	$0	$0	$0
$7,000,000	$6,950,000	$7,000,000	$9,000,000	$12,000,000	$0	$12,000,000	$3,000,000	$15,000,000
$0	$0	$0	$0	$0	$0	$0	$2,100,000	$2,100,000
$0	$0	$0	$0	$0	$0	$0	$6,500,000	$6,500,000
$0	$0	$0	$0	$0	$0	$0	($250,000)	($250,000)
$7,290,500	$8,275,300	$10,794,700	$7,884,900	$0	$5,863,600	$5,863,600	($5,863,600)	$0
($8,275,300)	($10,794,800)	($7,884,900)	($5,863,600)	$0	$0	$0	$0	$0
($233,800)	($408,900)	($253,000)	($11,200)	$0	$0	$0	$0	$0
$29,174,800	$26,038,800	$24,067,600	$0	$0	$0	$0	$29,012,300	$29,012,300
($26,038,800)	($24,067,600)	($33,627,500)	$0	$0	$0	$0	($33,314,700)	($33,314,700)
$29,111,500	$25,620,700	$33,771,600	$33,773,000	$50,868,500	$9,039,900	$59,908,400	$9,675,300	$69,583,700

Line Items (click linked line item name to drill-down)
Administration
STEM Action Center
Office of Tourism
Business Development
Pete Suazo Utah Athletics Commission
Industrial Assistance Fund
Transient Room Tax Fund
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
$3,252,300	$4,654,500	$9,104,600	$6,638,800	$13,782,100	$2,316,600	$16,098,700	($3,904,200)	$12,194,500
$0	$0	$0	$0	$10,000,000	$1,500,300	$11,500,300	$11,500,800	$23,001,100
$12,229,600	$11,928,800	$13,612,300	$15,134,700	$16,338,900	$2,820,500	$19,159,400	$759,900	$19,919,300
$10,069,300	$6,725,000	$9,414,600	$9,936,200	$10,530,100	$2,281,300	$12,811,400	($2,763,300)	$10,048,100
$181,000	$169,100	$160,100	$178,900	$217,400	$121,200	$338,600	($115,500)	$223,100
$3,379,300	$2,143,300	$1,480,000	$1,884,400	$0	$0	$0	$2,097,600	$2,097,600
$0	$0	$0	$0	$0	$0	$0	$2,100,000	$2,100,000
$29,111,500	$25,620,700	$33,771,600	$33,773,000	$50,868,500	$9,039,900	$59,908,400	$9,675,300	$69,583,700

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
Capital Outlay
Other Charges/Pass Thru
Transfers
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
$5,744,300	$6,065,500	$6,430,800	$6,694,500	$6,511,200	$831,600	$7,342,800	$28,200	$7,371,000
$80,300	$80,400	$88,600	$105,400	$101,300	$20,500	$121,800	($10,700)	$111,100
$127,700	$178,700	$241,500	$317,400	$239,500	$80,400	$319,900	$18,600	$338,500
$8,269,200	$6,331,200	$8,983,800	$13,833,200	$6,228,500	$25,168,700	$31,397,200	($20,605,300)	$10,791,900
$306,400	$386,000	$434,300	$320,200	$196,900	$8,900	$205,800	$36,900	$242,700
$20,100	$0	$294,100	$0	$0	$0	$0	$0	$0
$0	$39,800	$0	$10,000	$0	$60,000	$60,000	($60,000)	$0
$14,340,000	$12,315,600	$17,075,000	$12,492,300	$37,591,100	($17,130,200)	$20,460,900	$30,267,600	$50,728,500
$223,500	$223,500	$223,500	$0	$0	$0	$0	$0	$0
$29,111,500	$25,620,700	$33,771,600	$33,773,000	$50,868,500	$9,039,900	$59,908,400	$9,675,300	$69,583,700

Other Indicators
Budgeted FTE
Actual FTE
Vehicles
Change in Fund Balance

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
65.6	75.0	68.0	49.0	65.8	9.4	75.1	(9.4)	65.8
65.8	75.0	71.6	77.1	0.0	0.0	0.0	0.0	0.0
6	6	6	5	6	2	8	(2)	6
($3,136,000)	($1,971,200)	$9,559,900	$0	$0	$0	$0	$0	$0

Subcommittee Table of Contents

Table 2: Operating and Capital Budgets

Sources of Finance (click linked fund name for more info)
General Fund
General Fund, One-time
Transportation Fund
Federal Funds
American Recovery and Reinvestment Act
Dedicated Credits Revenue
GFR - Industrial Assistance
GFR - Motion Picture Incentive
GFR - Tourism Marketing Performance
Beginning Nonlapsing
Closing Nonlapsing
Lapsing Balance
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
$12,954,000	$12,216,300	$14,622,400	$16,097,100	$19,307,900	$0	$19,307,900	$5,753,000	$25,060,900
$3,939,800	$3,945,000	$6,201,900	$2,672,100	$16,235,000	$75,100	$16,310,100	$4,260,500	$20,570,600
$118,000	$118,000	$118,000	$118,000	$118,000	$0	$118,000	$0	$118,000
$300,000	$272,700	$1,040,500	$1,097,400	$1,607,900	$1,600,200	$3,208,100	($1,797,000)	$1,411,100
$0	$200,000	$0	$0	$0	$0	$0	$0	$0
$209,200	$274,000	$428,500	$643,900	$1,349,700	$1,501,000	$2,850,700	$124,800	$2,975,500
$223,500	$223,500	$223,500	$250,000	$250,000	$0	$250,000	$0	$250,000
$2,206,300	$2,206,300	$0	$0	$0	$0	$0	$0	$0
$7,000,000	$6,950,000	$7,000,000	$9,000,000	$12,000,000	$0	$12,000,000	$3,000,000	$15,000,000
$7,290,500	$8,275,300	$10,794,700	$7,884,900	$0	$5,863,600	$5,863,600	($5,863,600)	$0
($8,275,300)	($10,794,800)	($7,884,900)	($5,863,600)	$0	$0	$0	$0	$0
($233,800)	($408,900)	($253,000)	($11,200)	$0	$0	$0	$0	$0
$25,732,200	$23,477,400	$32,291,600	$31,888,600	$50,868,500	$9,039,900	$59,908,400	$5,477,700	$65,386,100

Line Items (click linked line item name to drill-down)
Administration
STEM Action Center
Office of Tourism
Business Development
Pete Suazo Utah Athletics Commission
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
$3,252,300	$4,654,500	$9,104,600	$6,638,800	$13,782,100	$2,316,600	$16,098,700	($3,904,200)	$12,194,500
$0	$0	$0	$0	$10,000,000	$1,500,300	$11,500,300	$11,500,800	$23,001,100
$12,229,600	$11,928,800	$13,612,300	$15,134,700	$16,338,900	$2,820,500	$19,159,400	$759,900	$19,919,300
$10,069,300	$6,725,000	$9,414,600	$9,936,200	$10,530,100	$2,281,300	$12,811,400	($2,763,300)	$10,048,100
$181,000	$169,100	$160,100	$178,900	$217,400	$121,200	$338,600	($115,500)	$223,100
$25,732,200	$23,477,400	$32,291,600	$31,888,600	$50,868,500	$9,039,900	$59,908,400	$5,477,700	$65,386,100

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
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
$5,744,300	$6,065,500	$6,430,800	$6,694,500	$6,511,200	$831,600	$7,342,800	$28,200	$7,371,000
$80,300	$80,400	$88,600	$105,400	$101,300	$20,500	$121,800	($10,700)	$111,100
$127,700	$178,700	$241,500	$317,400	$239,500	$80,400	$319,900	$18,600	$338,500
$8,286,000	$6,333,600	$8,986,200	$13,833,200	$6,228,500	$25,168,700	$31,397,200	($20,602,900)	$10,794,300
$306,400	$386,000	$434,300	$320,200	$196,900	$8,900	$205,800	$36,900	$242,700
$20,100	$0	$294,100	$0	$0	$0	$0	$0	$0
$0	$39,800	$0	$10,000	$0	$60,000	$60,000	($60,000)	$0
$11,167,400	$10,393,400	$15,816,100	$10,607,900	$37,591,100	($17,130,200)	$20,460,900	$26,067,600	$46,528,500
$25,732,200	$23,477,400	$32,291,600	$31,888,600	$50,868,500	$9,039,900	$59,908,400	$5,477,700	$65,386,100

Other Indicators
Budgeted FTE
Actual FTE
Vehicles

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
65.6	75.0	68.0	49.0	65.8	9.4	75.1	(9.4)	65.8
65.8	75.0	71.6	77.1	0.0	0.0	0.0	0.0	0.0
6	6	6	5	6	2	8	(2)	6

Subcommittee Table of Contents

Table 3: Expendable Funds and Accounts

Sources of Finance (click linked fund name for more info)
General Fund, One-time
Interest Income
Transient Room Tax Fund
Transfers
Transfers - Within Agency
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	$11,000,000	$1,884,400	$0	$0	$0	$0	$0
$243,300	$172,100	$39,900	$0	$0	$0	$0	$150,000	$150,000
$0	$0	$0	$0	$0	$0	$0	$2,100,000	$2,100,000
$0	$0	$0	$0	$0	$0	$0	$6,500,000	$6,500,000
$0	$0	$0	$0	$0	$0	$0	($250,000)	($250,000)
$29,174,800	$26,038,800	$24,067,600	$0	$0	$0	$0	$29,012,300	$29,012,300
($26,038,800)	($24,067,600)	($33,627,500)	$0	$0	$0	$0	($33,314,700)	($33,314,700)
$3,379,300	$2,143,300	$1,480,000	$1,884,400	$0	$0	$0	$4,197,600	$4,197,600

Line Items (click linked line item name to drill-down)
Industrial Assistance Fund
Transient Room Tax Fund
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
$3,379,300	$2,143,300	$1,480,000	$1,884,400	$0	$0	$0	$2,097,600	$2,097,600
$0	$0	$0	$0	$0	$0	$0	$2,100,000	$2,100,000
$3,379,300	$2,143,300	$1,480,000	$1,884,400	$0	$0	$0	$4,197,600	$4,197,600

Categories of Expenditure (mouse-over category name for definition)
Current Expense
Other Charges/Pass Thru
Transfers
Total

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
($16,800)	($2,400)	($2,400)	$0	$0	$0	$0	($2,400)	($2,400)
$3,172,600	$1,922,200	$1,258,900	$1,884,400	$0	$0	$0	$4,200,000	$4,200,000
$223,500	$223,500	$223,500	$0	$0	$0	$0	$0	$0
$3,379,300	$2,143,300	$1,480,000	$1,884,400	$0	$0	$0	$4,197,600	$4,197,600

Other Indicators
Change in Fund Balance

2010 Actual	2011 Actual	2012 Actual	2013 Actual	2014 Approp	2014 Change	2014 Revised	2015 Change	2015 Approp
($3,136,000)	($1,971,200)	$9,559,900	$0	$0	$0	$0	$0	$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.