COBI 2015 - Revenue Bonds Debt Service

Overview
Issues
Financials

Sources Uses

FY 2016 Appropriation

The Revenue Bond Debt Service program contains appropriations necessary to pay interest, principal, and other fees due on the state's revenue bond indebtedness. Revenue bonds are not backed by the full faith and credit of the state, but by increased revenues resulting from the project or other funding sources.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $26,906,600 from all sources for Revenue Bonds Debt Service. This is a 0.9 percent increase from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $223,000 from the General/Education Funds, a change of 0 percent from revised Fiscal Year 2015 estimates.

Intent Language

HB0003: Item 51

The Legislature intends that in the event that sequestration or other federal action reduces the anticipated Build America Bond subsidy payments that are deposited into the Debt Service line item as federal funds, the Division of Finance, acting on behalf of the State Board of Bonding Commissioners, shall reduce the appropriated transfer from Nonlapsing Balances - Debt Service to the General Fund, One-time proportionally to the reduction in subsidy payment received, thus holding the Debt Service fund harmless.

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Appropriation History by

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
General Fund	0	0	0	223,000	223,000	0	223,000	0	223,000
Federal Funds	0	0	0	1,621,700	1,621,700	(1,800)	1,619,900	0	1,619,900
Dedicated Credits Revenue	0	0	0	22,726,400	25,089,100	0	25,089,100	0	25,089,100
Transfers - Other Funds	0	0	0	(1,051,400)	0	0	0	0	0
Beginning Nonlapsing	0	0	0	1,745,400	277,100	82,600	359,700	268,500	628,200
Closing Nonlapsing	0	0	0	(359,700)	(1,191,800)	563,600	(628,200)	(25,400)	(653,600)
Total	$0	$0	$0	$24,905,400	$26,019,100	$644,400	$26,663,500	$243,100	$26,906,600

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
Current Expense	0	0	0	24,905,400	26,019,100	644,400	26,663,500	243,100	26,906,600
Total	$0	$0	$0	$24,905,400	$26,019,100	$644,400	$26,663,500	$243,100	$26,906,600

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.