COBI 2015 - Residence Lien Recovery Fund

Overview
Issues
Performance
Financials

Sources Uses

FY 2016 Appropriation

The Residence Lien Recovery Fund is an expendable revenue fund established to protect homeowners from mechanics liens (placed through no fault of the homeowner) by providing a resource for subcontractors to receive payment due them (which were uncollectible from the contractor) through claims to the fund.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $1,000,000 from all sources for Residence Lien Recovery Fund. This is a 0 percent change from Fiscal Year 2015 revised estimated amounts from all sources.

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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
Residence Lien Recovery Fund	0	0	0	430,500	1,000,000	0	1,000,000	0	1,000,000
Total	$0	$0	$0	$430,500	$1,000,000	$0	$1,000,000	$0	$1,000,000

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Licenses/Fees	0	0	0	313,100	15,000	175,000	190,000	0	190,000
Interest Income	0	0	0	11,100	5,000	5,000	10,000	0	10,000
Beginning Fund Balance	0	0	0	2,302,500	1,700,000	496,200	2,196,200	(800,000)	1,396,200
Ending Fund Balance	0	0	0	(2,196,200)	(720,000)	(676,200)	(1,396,200)	800,000	(596,200)
Total	$0	$0	$0	$430,500	$1,000,000	$0	$1,000,000	$0	$1,000,000

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
Personnel Services	0	0	0	131,000	125,000	(25,000)	100,000	0	100,000
In-state Travel	0	0	0	600	0	0	0	0	0
Current Expense	0	0	0	298,900	875,000	25,000	900,000	0	900,000
Total	$0	$0	$0	$430,500	$1,000,000	$0	$1,000,000	$0	$1,000,000

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.