COBI 2015 - Board

Overview
Issues
Background
Financials

Sources Uses

FY 2016 Appropriation

The seven-member SITLA Board of Trustees is created in UCA 53C-1-202 . Its purpose as stated in UCA 53C-1-204 is to "...establish policies for the management of the School and Institutional Trust Lands Administration."

Utah law requires the policies to:

be consistent with the Utah Enabling Act, the Utah Constitution, and state law.
reflect undivided loyalty to the beneficiaries consistent with fiduciary duties.
require the return of not less than fair market value for the use, sale, or exchange of school and institutional trust assets.
seek to optimize trust land revenues and increase the value of trust land holdings consistent with the balancing of short and long-term interests, so that long-term benefits are not lost in an effort to maximize short-term gains.
maintain the integrity of the trust and prevent the misapplication of its lands and its revenues.
have regard for and seek General Fund appropriation compensation for the general public's use of natural and cultural resources consistent with the duties of the administration as trustee for the beneficiaries.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $93,100 from all sources for Board. This is a 2 percent increase from Fiscal Year 2015 revised estimated amounts from all sources.

Statute

UCA 53C-1-202 creates the board.

UCA 53C-1-204 establishes the board purpose to "...establish policies for the management of the School and Institutional Trust Lands Administration."

The majority of expense in this program is for one half of an FTE to function as secretary to the Board of Trustees.

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
Land Grant Management Fund	89,000	88,500	88,500	105,100	91,000	0	91,000	1,800	92,800
Land Grant Mgt Fund, One-time	0	0	0	200	300	0	300	0	300
Lapsing Balance	(15,200)	3,600	(21,200)	0	0	0	0	0	0
Total	$73,800	$92,100	$67,300	$105,300	$91,300	$0	$91,300	$1,800	$93,100

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	64,900	74,400	47,000	51,700	68,500	1,400	69,900	1,500	71,400
In-state Travel	2,300	3,200	5,700	9,900	7,500	0	7,500	0	7,500
Out-of-state Travel	1,700	3,700	4,300	6,300	2,800	0	2,800	0	2,800
Current Expense	4,900	10,800	10,300	37,400	12,500	(1,400)	11,100	300	11,400
Total	$73,800	$92,100	$67,300	$105,300	$91,300	$0	$91,300	$1,800	$93,100

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Other Indicators	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Budgeted FTE	0.50	1	0.50	0.50	1	(0.50)	0.50	0.50	1
Actual FTE	0.50	0.40	0.50	1	0	0	0	0	0

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.