COBI 2015 - Development Zone Partial Rebates

Overview
Issues
Background
Financials

Sources Uses

FY 2016 Appropriation

The Division of Finance is required by statute to make partial rebates from the Economic Incentive Restricted Account to certain industries which bring in new state revenues. Documentation is required from the Governor's Office of Economic Development.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $3,255,000 from all sources for Development Zone Partial Rebates. This is a 259.3 percent increase from Fiscal Year 2015 revised estimated amounts from all sources.

Appropriation Adjustments

In addition to statewide compensation and internal service fund cost increases, the following appropriation adjustments were made during the 2015 General Session:

DescriptionOngoingOne-Time Development Zone Partial Rebates Adjustment ($5,310,600) ($5,343,600)

OngoingOne-TimeFinancing Source

($5,310,600) ($5,343,600)GFR - Economic Incentive Restricted Account

No Description

Statute

UCA 63M-1-2408 establishes the Economic Incentive Restricted Account, which is used to make payments to individuals or companies that have generated verifiable new state revenues. Only projects that include significant capital investment, the creation of high paying jobs, or significant purchases from Utah vendors and providers are eligible.

Intent Language

HB0003: Item 44

The Legislature intends that, if revenues deposited in the Land Exchange Distribution Account exceed appropriations from the account, the Division of Finance distribute the excess deposits according to the formula provided in UCA 53C-3-203(4).

SB0002: Item 38

SB0003: Item 10

The Legislature intends that the appropriations provided in this item not lapse at the close of fiscal year 2015 and that the Division of Finance transfer any balance of appropriations to the new financial structure created in House Bill 343, Utah Communication Authority Emergency Radio and 911 Amendments.

SB0003: Item 85

The Division of Finance is required to transfer from new revenues in the General Fund the amount estimated by the Governor's Office needed to make the partial rebates. Rebates are then made from the restricted account.

Lapsing Balances are unspent funds that return to the Economic Incentive Restricted Account for re-appropriation in the future.

Display By:

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
GFR - Economic Incentive Restricted Acco	6,941,800	5,944,800	8,217,400	8,565,600	8,565,600	(5,343,600)	3,222,000	33,000	3,255,000
Lapsing Balance	(6,021,400)	0	(6,062,600)	(6,042,500)	0	(5,265,600)	(5,265,600)	5,265,600	0
Total	$920,400	$5,944,800	$2,154,800	$2,523,100	$8,565,600	($10,609,200)	($2,043,600)	$5,298,600	$3,255,000

Show Table | Show Additional Information

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Other Charges/Pass Thru	920,400	5,944,800	2,154,800	2,523,100	8,565,600	(10,609,200)	(2,043,600)	5,298,600	3,255,000
Total	$920,400	$5,944,800	$2,154,800	$2,523,100	$8,565,600	($10,609,200)	($2,043,600)	$5,298,600	$3,255,000

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.