COBI 2015 - Business Creation

Overview
Issues
Financials

Sources Uses

FY 2016 Appropriation

Prior to FY 2013 Business Creation was charged with creating new, high quality jobs in the State of Utah through the development of the business environment within specific business clusters. The program worked to accelerate the transition of technologies from Utah's institutions of higher education into Utah companies by providing access to business teams and helping to leverage capital for startup companies. Beginning in FY 2013 most of the functions for Business Creation were transitioned to the Business Outreach and International Trade Program to align the budgets with the internal office structure.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $0 from all sources for Business Creation. This is a 0 percent change from Fiscal Year 2015 revised estimated amounts from all sources.

Intent Language

HB0003: Item 59

Under Section 63J-1-603 of the Utah Code, the Legislature intends that appropriations provided for the Governor's Office of Economic Development Business Development, Laws of Utah 2014, Chapter 10, Item 11 shall not lapse at the close of FY 2015. The use of any non-lapsing funds is limited to Business Cluster support: $75,000; Business Resource Centers: $350,000; Technology Commercialization and Innovation Program contracts: $3,000,000; International Development contracts and support: $500,000; Procurement and Technical Assistance Center contracts: $175,000; Rural Development contracts and support: $200,000; and Corporate Recruitment contracts and support: $100,000.

The Business Creation Program contained General Fund for the State Science Advisor, Technology, Commercialization and Innovation Program, Business Cluster Development program, and the Informal Science Education program.

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Funding Source

Expenditure Category

Appropriation Type:

Appropriation History by

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
General Fund	2,736,600	2,493,400	0	0	0	0	0	0	0
General Fund, One-time	0	300,000	0	0	0	0	0	0	0
Beginning Nonlapsing	1,444,600	2,424,500	0	0	0	0	0	0	0
Closing Nonlapsing	(2,424,500)	(1,869,300)	0	0	0	0	0	0	0
Lapsing Balance	(37,900)	(3,300)	0	0	0	0	0	0	0
Total	$1,718,800	$3,345,300	$0	$0	$0	$0	$0	$0	$0

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	693,000	719,400	0	0	0	0	0	0	0
In-state Travel	3,400	4,100	0	0	0	0	0	0	0
Out-of-state Travel	25,200	20,300	0	0	0	0	0	0	0
Current Expense	(1,387,900)	81,600	0	0	0	0	0	0	0
DP Current Expense	1,500	28,600	0	0	0	0	0	0	0
Other Charges/Pass Thru	2,383,600	2,491,300	0	0	0	0	0	0	0
Total	$1,718,800	$3,345,300	$0	$0	$0	$0	$0	$0	$0

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Other Indicators	FY11 Actual	FY12 Actual	FY14 Actual	FY15 Change	FY15 Revised	FY16 Change
Budgeted FTE	8	7	0	0	0	0
Actual FTE	8	6.60	0	0	0	0
Vehicles	1	1	1	1	1	(1)

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.