This is an expendable special revenue fund associated with the sale or lease of land and water rights at the developmental center. UCA 63A-5-220(3) creates the fund, specifies what revenues can be deposited in the fund, and defines the requirements for spending money in the fund.
During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $0 from all sources for Utah State Developmental Center Land Fund. This is a 0 percent change from Fiscal Year 2015 revised estimated amounts from all sources.
This fund is an expendable special revenue fund. The Analyst recommends the Legislature review this fund annually and include it in an appropriations act.
UCA 63A-5-220 creates this expendable special revenue fund and defines that the following revenues should be deposited into the fund: 1) revenue from the sale, lease, or other disposition of real property associated with the developmental center; 2) revenue from the sale, lease, or other disposition of water rights associated with the developmental center; and 3) interest accumulated from the state treasurer investing the fund's money. The statute states that, "the Division of Services for People with Disabilities may spend interest earned or invested from the Utah State Developmental Center Land Fund for the benefit of the Utah State Developmental Center and programs described in Title 62A, Chapter 5, Services for People with Disabilities." The statute further states, "the division shall secure the concurrence of DSPD and the approval of the governor before making the sale or other disposition of land or water rights. In addition . . . the division shall secure the approval of the Legislature before offering the land or water rights for sale, exchange, or long-term lease. The division shall sell or otherwise dispose of the land or water rights as directed by the governor. The division may not sell, exchange, or enter into a long-term lease of the land or water rights for a price or estimated value below the average of two appraisals conducted by an appraiser who holds an appraiser's certificate or license . . . ."
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.