FY 2016 Appropriation

The Department of Financial Institutions is located on the second floor at 324 South State Street. This downtown Salt Lake City office space is located in an area of escalating lease expenses. Parking is provided on site. The Department's lease is well within the acceptable range established by the Division of Facilities Construction and Management (DFCM).

Funding History
Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $246,000 from all sources for Building Operations and Maintenance. This is an 11.8 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 Office Space Lease Increase$26,000$0
OngoingOne-TimeFinancing Source
$26,000$0GFR - Financial Institutions
The lease of the office space occupied by the Department renews every five years. The current lease expires on June 30, 2015. DFCM has negotiated a new five lease. The terms of the new lease has a $.25 increase in the per square foot cost and a $500 increase in the monthly parking cost. With increases in the Department's allocation for property taxes, common area costs, and maintenance costs, an on-going increase in the Department's annual office lease expense of $26,000 is needed to cover the lease that begins on July 1, 2015 and ends on June 30, 2020.
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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.