COBI 2015 - Residential Mortgage Loan Education, Research, and Recovery Fund

Overview
Issues
Performance
Financials

Sources Uses

FY 2016 Appropriation

The Residential Mortgage Loan Education, Research and Recovery Fund is an expendable revenue fund established to satisfy claims against licensees under the Residential Mortgage Loan statutes for fraud, misrepresentation or deceit. The Division of Real Estate uses funds in excess of claims up to $100,000 to advance education and research in the field of residential mortgage loans. Funds in excess of $100,000 lapse to the General Fund at the end of the fiscal year.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $220,000 from all sources for Residential Mortgage Loan Education, Research, and 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

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Appropriation History by

Programs	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
RMLERR Fund	0	0	0	109,700	220,000	0	220,000	0	220,000
Total	$0	$0	$0	$109,700	$220,000	$0	$220,000	$0	$220,000

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	118,100	98,000	119,000	217,000	0	217,000
Interest Income	0	0	0	2,000	2,000	1,000	3,000	0	3,000
Beginning Fund Balance	0	0	0	397,500	300,000	107,900	407,900	0	407,900
Ending Fund Balance	0	0	0	(407,900)	(180,000)	(227,900)	(407,900)	0	(407,900)
Total	$0	$0	$0	$109,700	$220,000	$0	$220,000	$0	$220,000

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	101,000	180,000	(30,000)	150,000	0	150,000
In-state Travel	0	0	0	0	1,000	(1,000)	0	0	0
Out-of-state Travel	0	0	0	5,100	5,000	(5,000)	0	0	0
Current Expense	0	0	0	3,600	34,000	36,000	70,000	0	70,000
Total	$0	$0	$0	$109,700	$220,000	$0	$220,000	$0	$220,000

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.