The Water Resources Revolving Construction Fund may pay for construction, engineering, investigation, and inspection of water projects to conserve the water resources of the state for the best interests of the citizens. This fund is used to build smaller projects for incorporated entities such as private irrigation and water companies. Project sponsors receiving financial assistance enter into installment purchase contracts with the board, deeding water rights and project facilities as security. Dam safety funding passes through this fund.
During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $3,800,000 from all sources for Water Resources Revolving Construction Fund. This is a 0 percent change from Fiscal Year 2015 revised estimated amounts from all sources.
Established in UCA 73-10-8, the Revolving Construction Fund was created by the 1947 Legislature to help finance projects the board determines will conserve the water resources of the state for the best interests of the citizens.
Funding comes to the account from:
- Repayments;
- Revenue from the 500,000 acres of land selected for the establishment of reservoirs at the time of statehood;
- Interest from investments with the State Treasurer; and,
- Other appropriations made by the Legislature.
This budget consists of a transfer of $3,800,000 from the Conservation and Development Fund for state-mandated dam safety improvements. The money already in a loan fund does not require an additional appropriation before it can be used. Therefore, unless the Legislature takes other action, the Appropriations Act will show C&D financing only. Until FY 2009, an annual General Fund appropriation of $539,100 was made to this line item and was used to fund Dam Safety.
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.