COBI 2015 - State Capitol Fund

Overview
Issues
Performance
Background
Financials

Sources Uses

FY 2016 Appropriation

The State Capitol Fund consists of money generated through private contributions, dedicated credits, appropriations made by the Legislature, and any money received from the federal government. The Capitol Preservation Board may use this fund to acquire historical and other items to furnish Capitol Hill facilities, repair, maintenance, and rehabilitation of Capitol Hill facilities and grounds, and fund all other costs incurred in complying with its statutory requirements.

Funding History

Funding Issues

Dedicated Credits Increase - CPB

Due to the tiling project the Capitol Preservation Board estimated a loss of $100,000 in event charges and room rentals. As a result their appropriation was reduced by $100,000. Actual results, however, show that events and room rentals have not declined and in fact are higher than prior years. The Analyst recommends an appropriation increase of $100,000 in FY 2015 and FY 2016 from Dedicated Credits.

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $326,900 from all sources for State Capitol Fund. This is a 14.4 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 Dedicated Credits Increase - CPB$100,000$100,000

OngoingOne-TimeFinancing Source

$100,000$100,000Dedicated Credits Revenue

Staff Analysis

FY 2015 G.S. Revenue Transfer from State Capitol Fund:

After the 2002 Winter Olympics in Salt Lake City, the Olympic Committee gave the Capitol Preservation Board $1 million to fund an Olympic Monument on Capitol Hill. The proposed Olympic Monument was projected to cost several million dollars and additional money was never raised to see it through completion. In April 2014 the board approved a reallocation of these funds to the Utah Olympic Legacy Foundation (UOLF). With interest the amount transferred was $1,063,000. In a letter dated September 23, 2014, the UOLF outlined its intended use of the funds:

$200,000 for Utah Olympic Oval Solar Project
$500,000 for Olympic Park Freestyle Pool Ramp Renovation
$363,000 for future project design/study fees and contingency uses

Statute

UCA 63C-9-502 details the creation of the State Capitol Fund as an expendable special revenue fund and lists approved revenue sources and expenditures.

Display By:

Program

Funding Source

Expenditure Category

Appropriation Type:

Appropriation History by

Programs	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
State Capitol Fund	0	0	833,200	388,300	676,300	(390,600)	285,700	41,200	326,900
Total	$0	$0	$833,200	$388,300	$676,300	($390,600)	$285,700	$41,200	$326,900

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Dedicated Credits Revenue	0	0	452,600	738,600	311,600	100,000	411,600	(3,500)	408,100
Interest Income	0	0	8,400	6,500	0	0	0	0	0
Transfers	0	0	0	0	0	(1,063,000)	(1,063,000)	1,063,000	0
Beginning Fund Balance	0	0	2,269,100	1,896,900	1,430,100	823,600	2,253,700	(937,100)	1,316,600
Ending Fund Balance	0	0	(1,896,900)	(2,253,700)	(1,065,400)	(251,200)	(1,316,600)	(81,200)	(1,397,800)
Total	$0	$0	$833,200	$388,300	$676,300	($390,600)	$285,700	$41,200	$326,900

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	0	0	0	900	2,200	3,000	5,200	600	5,800
Current Expense	0	0	778,900	357,400	600,000	(387,700)	212,300	39,100	251,400
DP Current Expense	0	0	42,500	30,000	74,100	(5,900)	68,200	1,500	69,700
Capital Outlay	0	0	11,800	0	0	0	0	0	0
Total	$0	$0	$833,200	$388,300	$676,300	($390,600)	$285,700	$41,200	$326,900

Show Table | Show Additional Information

Other Indicators	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Change in Fund Balance	0	0	(372,200)	356,800	(399,900)	399,900	0	(399,900)	(399,900)

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.