COBI 2015 - Industrial Assistance Fund

Overview
Issues
Performance
Financials

Sources Uses

FY 2016 Appropriation

The Industrial Assistance Fund is a post performance grant utilized for the creation of high paying jobs in the state.

Companies looking to expand or relocate to Utah may apply for these grants. Incentives are paid on a post performance basis after jobs are created in yearly increments. In order to receive the grant funding the jobs must be retained over the life of the project. The length of an Industrial Assistance Fund Grant is approximately 5 years. Grants fall into four categories:

Urban - requiring the creating of at least 50 jobs paying 125% of the county average wage.

Corporate Headquarters - Requires a company to relocate their headquarters to Utah

Economic Opportunities - Companies relocating or expanding in Utah providing significant investment in employees, contractors, vendors are eligible under this category.

Rural - Up to 20 percent of the Industrial Assistance Fund allocation can be used for economic opportunities in rural areas of the state. Rural jobs receiving incentive funding must be at 100 percent of the county average wage.

Funding History

Funding Issues

Industrial Assistance Fund Replenishment

The Industrial Assistance Fund is set up as a post performance grant program. As credits are earned they are aggregated for an annual replenishment. Funding is set aside from the General Fund Surplus in years where there is a surplus.

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $0 from all sources for Industrial Assistance Fund. This is a 100 percent reduction from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $0 from the General/Education Funds, a reduction of 100 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 Industrial Assistance Fund Replenishment$0$4,525,000

OngoingOne-TimeFinancing Source

$0$4,525,000General Fund, One-time

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
Industrial Assistance Fund	2,143,300	1,480,000	1,884,400	0	2,097,600	2,427,400	4,525,000	(4,525,000)	0
Total	$2,143,300	$1,480,000	$1,884,400	$0	$2,097,600	$2,427,400	$4,525,000	($4,525,000)	$0

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
General Fund, One-time	0	11,000,000	1,884,400	0	0	4,525,000	4,525,000	(4,525,000)	0
Interest Income	172,100	39,900	0	0	150,000	(150,000)	0	0	0
Transfers	0	0	0	0	6,500,000	(6,500,000)	0	0	0
Transfers - Within Agency	0	0	0	0	(250,000)	250,000	0	0	0
Beginning Fund Balance	26,038,800	24,067,600	0	0	29,005,300	(29,005,300)	0	0	0
Ending Fund Balance	(24,067,600)	(33,627,500)	0	0	(33,307,700)	33,307,700	0	0	0
Total	$2,143,300	$1,480,000	$1,884,400	$0	$2,097,600	$2,427,400	$4,525,000	($4,525,000)	$0

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Current Expense	(2,400)	(2,400)	0	0	(2,400)	2,400	0	0	0
Other Charges/Pass Thru	1,922,200	1,258,900	1,884,400	0	2,100,000	2,425,000	4,525,000	(4,525,000)	0
Transfers	223,500	223,500	0	0	0	0	0	0	0
Total	$2,143,300	$1,480,000	$1,884,400	$0	$2,097,600	$2,427,400	$4,525,000	($4,525,000)	$0

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
Change in Fund Balance	(1,971,200)	9,559,900	0	0	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.