COBI 2015 - School Building Revolving Account

Overview
Issues
Performance
Background
Financials

Sources Uses

FY 2016 Appropriation

The School Building Revolving Account is a short-term loan program to help school districts meet school building construction and renovation needs. School districts can request funding from the loan program and applications are reviewed by a committee established by the State Superintendent. The State Board of Education makes the final determination on granting loans to school districts.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $1,521,400 from all sources for School Building Revolving Account. This is a 0.2 percent reduction from Fiscal Year 2015 revised estimated amounts from all sources.

A school district must meet several satutory provisions in order to receive funds. These provisions are as follows:

Levy a property tax rate of at least 0.0024 dedicated to the districts' capital program
Contract with the State Superintendent to repay the money with interest within 5 years
Levy sufficient property taxes to guarantee annual loan repayments
Meet any other conditions established by the State Board of Education pertinent to the loan.

The State Superintendent is tasked with establishing a committee to review loan applications and make recommendations on the approval or disapproval to the State Superintendent. Statute directs that the committee include representatives from both state and local education entities.

Prior to FY 2015, the balance of the revolving account was not included in the appropriations acts. The account balance is now included in order to provide a full picture of the budget and allow for better legislative oversight.

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
School Building Revolving Account	0	0	0	1,528,400	0	1,524,900	1,524,900	(3,500)	1,521,400
Total	$0	$0	$0	$1,528,400	$0	$1,524,900	$1,524,900	($3,500)	$1,521,400

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Interest Income	0	0	0	111,000	0	85,400	85,400	(29,600)	55,800
Repayments	0	0	0	1,417,400	127,200	1,312,300	1,439,500	26,100	1,465,600
Beginning Fund Balance	0	0	0	9,579,200	9,468,200	111,000	9,579,200	0	9,579,200
Ending Fund Balance	0	0	0	(9,579,200)	(9,595,400)	16,200	(9,579,200)	0	(9,579,200)
Total	$0	$0	$0	$1,528,400	$0	$1,524,900	$1,524,900	($3,500)	$1,521,400

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
Other Charges/Pass Thru	0	0	0	1,528,400	0	1,524,900	1,524,900	(3,500)	1,521,400
Total	$0	$0	$0	$1,528,400	$0	$1,524,900	$1,524,900	($3,500)	$1,521,400

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.