COBI 2015 - Economic Development

Overview
Issues
Performance
Financials

Sources Uses

FY 2016 Appropriation

This line item came as a result of a restructuring of the State Board of Regents' Administrative line items during the 2009 General Session and provides support for the Engineering Initiative and the Engineering Loan Repayment Program, and promotes economic development initiatives within the state.

Funding History

Related Publications

Trend Analysis - 2015 General Session - State Board of Regents - Economic Development

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $4,860,600 from all sources for Economic Development. This is a 1267.6 percent increase from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $4,860,600 from the General/Education Funds, an increase of 1267.6 percent from revised Fiscal Year 2015 estimates.

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 Compensation - USHE & UCAT$4,200$0

OngoingOne-TimeFinancing Source

$4,200$0Education Fund

No Description

Engineering Initiative$3,500,000$1,000,000

OngoingOne-TimeFinancing Source

$3,500,000$0Education Fund

$0$1,000,000Education Fund, One-time

The 2007 Legislature approved $2 million in one-time funding for the Engineering Initiative.

Health Insurance - USHE & UCAT$1,000$0

OngoingOne-TimeFinancing Source

$1,000$0Education Fund

No Description

Degrees Awarded, Scholarships Awarded

The number of both Engineering and Comuter Science degrees awarded have increased since the Initiative began. The number of Engineering degrees has increased 53 percent since FY 2000 while the number of Computer Science degrees has increased 83 percent over the same period of time. Beginning in FY 2010, scholarships were available for engineering students.

State Board of Regents Economic Development

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
Engineering Initiative	0	0	2,500,000	0	0	0	0	4,500,000	4,500,000
Engineering Loan Repayment	39,200	38,400	38,400	38,400	38,400	0	38,400	0	38,400
Economic Development Initiatives	262,400	328,800	266,100	248,600	377,000	(60,000)	317,000	5,200	322,200
Total	$301,600	$367,200	$2,804,500	$287,000	$415,400	($60,000)	$355,400	$4,505,200	$4,860,600

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
General Fund	356,500	348,700	2,850,700	352,300	352,300	0	352,300	0	352,300
Education Fund	0	0	0	0	3,100	0	3,100	3,505,200	3,508,300
Education Fund, One-time	0	0	0	0	0	0	0	1,000,000	1,000,000
Transfers - HED	0	0	300	0	0	0	0	0	0
Beginning Nonlapsing	0	54,900	36,400	82,900	36,400	111,800	148,200	0	148,200
Closing Nonlapsing	(54,900)	(36,400)	(82,900)	(148,200)	23,600	(171,800)	(148,200)	0	(148,200)
Total	$301,600	$367,200	$2,804,500	$287,000	$415,400	($60,000)	$355,400	$4,505,200	$4,860,600

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	215,100	252,400	188,700	226,300	232,400	(800)	231,600	5,200	236,800
In-state Travel	24,300	16,800	9,000	7,200	21,000	(4,300)	16,700	0	16,700
Current Expense	23,000	59,600	68,400	15,100	123,600	(54,900)	68,700	0	68,700
Other Charges/Pass Thru	39,200	38,400	2,538,400	0	38,400	0	38,400	4,500,000	4,538,400
Transfers	0	0	0	38,400	0	0	0	0	0
Total	$301,600	$367,200	$2,804,500	$287,000	$415,400	($60,000)	$355,400	$4,505,200	$4,860,600

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
Budgeted FTE	1.19	1.37	1.19	2	1.19	0.20	1.39	(0.20)	1.19
Actual FTE	1.19	1.38	1.69	1.19	0	0	0	0	0

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.