COBI 2015 - Securities

Overview
Issues
Background
Financials

Sources Uses

FY 2016 Appropriation

The Division of Securities administers and enforces the Utah Uniform Securities Act. It licenses broker-dealers, agents, investment advisors, investment adviser representatives, and certified dealers. It audits registration and exemption filings made by businesses issuing securities. The Division investigates securities violations and initiates administrative actions to deny, revoke or suspend licenses or registrations to stop unlawful activities. It also brings civil injunctive actions and refers investigations to state or local prosecutors for criminal prosecution.

"The mission of the division is to enhance Utah's business climate by protecting Utah's investors through education, enforcement, and fair regulation of Utah's investment industry while creating opportunities for capital formation."

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $2,241,100 from all sources for Securities. This is a 3.7 percent increase from Fiscal Year 2015 revised estimated amounts from all sources.

Statute

Utah Code Annotated Chapter Sections 61-1-1 through 61-1-29 describe the function and authority of the Division of Securities.

Intent Language

HB0003: Item 67

Under Section 63J-1-603 of the Utah Code, the Legislature intends that appropriations provided for the Office of Consumer Services in Item 22 of Chapter 10, Laws of Utah 2014, lapse to the Offices' Professional and Technical Services Fund at the close of Fiscal Year 2015.

HB0003: Item 67

Under Section 63J-1-603 of the Utah Code, the Legislature intends that appropriations provided for the Department of Commerce, Division of Public Utilities in Item 22 of Chapter 10, Laws of Utah 2014, lapse to the Divisions' Professional and Technical Services Fund at the close of Fiscal Year 2015.

The Division of Securities is funded primarily through dedicated credits it collects by administering the Utah Uniform Securities Act.

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 - Commerce Service	1,676,800	2,011,300	2,047,900	2,104,600	2,150,500	0	2,150,500	74,400	2,224,900
GFR - Commerce Service, One-time	0	0	0	5,400	10,800	0	10,800	5,400	16,200
Transfers	0	(53,000)	(142,000)	(84,100)	0	0	0	0	0
Lapsing Balance	(148,800)	(273,700)	(48,900)	(153,600)	0	0	0	0	0
Total	$1,528,000	$1,684,600	$1,857,000	$1,872,300	$2,161,300	$0	$2,161,300	$79,800	$2,241,100

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	1,490,400	1,636,500	1,818,600	1,827,200	1,981,800	(200)	1,981,600	77,000	2,058,600
In-state Travel	200	400	200	100	500	0	500	0	500
Out-of-state Travel	0	0	0	(700)	2,000	0	2,000	0	2,000
Current Expense	36,600	46,000	36,400	43,600	124,000	200	124,200	2,100	126,300
DP Current Expense	800	1,700	1,800	2,100	53,000	0	53,000	700	53,700
Total	$1,528,000	$1,684,600	$1,857,000	$1,872,300	$2,161,300	$0	$2,161,300	$79,800	$2,241,100

Show Table | Show Additional Information

Other Indicators	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Revised	FY16 Approp
Budgeted FTE	24	26	24	26	26	26	26
Actual FTE	24	19.80	20.90	20.10	0	0	0
Vehicles	2	0	2	2	2	2	2

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.