COBI 2015 - Land Exchange Distribution

Overview
Issues
Background
Financials

Sources Uses

FY 2016 Appropriation

The 2007 Legislature passed H.B. 134, "School and Institutional Trust Lands Amendments" which created the Land Exchange Distribution Account and changed the distribution of mineral revenue generated from lands acquired by the School and Institutional Trust Lands Administration.

The Division of Finance receives appropriations from the Land Distribution Exchange Fund and distributes those funds to counties in amounts proportionate to the size of the county and to the amount of mineral revenue generated from county land.

Funding History

Funding Issues

Land Exchange Distribution Account Adjustment

Adjust the appropriation from the Land Exchange Distribution Account to bring it more in line with the revenues that are flowing into the account.

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $3,200,000 from all sources for Land Exchange Distribution. This is a 171.1 percent increase from Fiscal Year 2015 revised estimated amounts from all sources.

Statute

UCA 53C-3-202 requires the deposit of certain collections into the Land Exchange Distribution Account.

UCA 53C-3-203 creates the Land Distribution Account and sets forth the required disbursements from the account.

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

Special Funds

The Land Exchange Distribution Account receives 50% of bonus payments received from the lease of coal, oil, gas, and coalbed methane; and 50% of rentals and royalties received from the lease of subject minerals on the acquired lands.

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 - Land Exchange Distribution Account	15,750,000	14,707,100	14,707,100	11,200,000	11,200,000	(8,000,000)	3,200,000	0	3,200,000
Transfers - Other Agencies	(1,027,100)	0	0	0	0	0	0	0	0
Lapsing Balance	(2,082,000)	(6,965,300)	(12,527,600)	(8,428,500)	0	(7,700,000)	(7,700,000)	7,700,000	0
Total	$12,640,900	$7,741,800	$2,179,500	$2,771,500	$11,200,000	($15,700,000)	($4,500,000)	$7,700,000	$3,200,000

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	12,640,900	7,741,800	2,179,500	2,771,500	11,200,000	(15,700,000)	(4,500,000)	7,700,000	3,200,000
Total	$12,640,900	$7,741,800	$2,179,500	$2,771,500	$11,200,000	($15,700,000)	($4,500,000)	$7,700,000	$3,200,000

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.