COBI 2015 - Uintah Basin Revitalization Fund

Overview
Issues
Performance
Background
Financials

Sources Uses

FY 2016 Appropriation

The Uintah Basin Revitalization Fund is to maximize the long-term benefit of severance taxes by funding items that will make the best of use of resources for largest number of Uintah Basin residents. These residents include Uintah and Duchesne Counties as well as Ute tribe members.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $6,417,600 from all sources for Uintah Basin Revitalization Fund. This is a 0 percent change from Fiscal Year 2015 revised estimated amounts from all sources.

Staff Analysis

Projects Funded From FY 2010 to FY 2014

The Uintah Basin Revitalization Fund provided $40.7 million in funding for 128 projects from FY 2010 to FY 2014. The table below shows these 128 projects within Duchesne County, Uintah County, or the Ute Indian Tribe:

Projects Funded From FY 2010 to FY 2014

Below is a list of all the 14 projects in 2014 funded with a total of $4,506,400:

FY 2014 Projects Funded

Allocate New Funds Within One Year

Statute

Statutory authority for the Fund comes from UCA 35A-8-1602 and 59-5-116. This Fund receives revenue automatically as per UCA 35A-8-1602. For Ute tribal lands, the Fund receives 33% of severance taxes from wells existing before July 1995 and 80% of taxes from new wells beginning production on or after July 1995. The maximum annual deposit cannot exceed a statutory cap. The cap is $6,000,000, as adjusted by a commission for the consumer price index using 2008 as the base year. If the annual deposit were to exceed $6,000,000, then the excess would go into the General Fund. Based on current law (UCA 35A-8-1602 & 59-5-116, the Uintah Basin Revitalization Fund receives its revenue automatically and can spend all revenues without additional Legislative action.

The Ute Tribe receives the most annually from the fund followed by Duchesne and Uintah Counties who receive equal amounts.

The Fund's uses must be approved by four of five members of the governing board. The board consists of a governor's designee, a Duchesne County Commissioner, a Uintah County Commissioner, and two representatives of the Ute Indian Tribe's Business Committee.

Intent Language

SB0002: Item 195

The Legislature intends that the Department of Workforce Services report on the following performance measure for the Uintah Basin Revitalization Fund line item: allocate new and re-allocated funds within one year to improve the quality of life for those living in the Uintah Basin (Target = $8.4 million allocated) by January 1, 2016 to the Social Services Appropriations Subcommittee.

For more detail about a particular source of finance or organizational unit, click a linked entry in the left column of the table(s) below.

Display By:

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
Uintah Basin Revitalization Fund	5,243,300	14,461,400	3,754,400	6,417,600	7,750,300	(1,332,700)	6,417,600	0	6,417,600
Total	$5,243,300	$14,461,400	$3,754,400	$6,417,600	$7,750,300	($1,332,700)	$6,417,600	$0	$6,417,600

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	128,200	0	0	0	0	0	0
Interest Income	218,500	133,900	0	143,900	135,000	8,900	143,900	0	143,900
Restricted Revenue	6,100,000	6,248,000	7,529,600	6,517,200	7,550,000	(1,032,800)	6,517,200	0	6,517,200
Beginning Fund Balance	28,625,900	29,701,100	21,621,600	25,525,000	25,525,000	243,500	25,768,500	243,500	26,012,000
Ending Fund Balance	(29,701,100)	(21,621,600)	(25,525,000)	(25,768,500)	(25,459,700)	(552,300)	(26,012,000)	(243,500)	(26,255,500)
Total	$5,243,300	$14,461,400	$3,754,400	$6,417,600	$7,750,300	($1,332,700)	$6,417,600	$0	$6,417,600

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	0	44,900	54,300	0	44,900	(44,900)	0	0	0
Out-of-state Travel	0	1,400	100	0	1,400	(1,400)	0	0	0
Current Expense	48,000	13,900	0	0	13,900	(13,900)	0	0	0
Other Charges/Pass Thru	5,195,300	14,401,200	3,700,000	6,417,600	7,690,100	(1,272,500)	6,417,600	0	6,417,600
Total	$5,243,300	$14,461,400	$3,754,400	$6,417,600	$7,750,300	($1,332,700)	$6,417,600	$0	$6,417,600

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	(8,079,500)	0	243,500	(1,368,400)	1,611,900	243,500	0	243,500

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.