COBI 2015 - Debt Service

Overview
Issues
Performance
Financials

Sources Uses

FY 2016 Appropriation

Funding History

Funding Issues

Debt Service Payments

Money would be used to cover the state's contractual obligations on its debt service.

Related Publications

Bond Refunding: Saving Money on Debt Service

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $467,374,500 from all sources for Debt Service. This is a 2.6 percent increase from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $85,896,600 from the General/Education Funds, a reduction of 0 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 Debt Service Payments$22,768,200$13,400

OngoingOne-TimeFinancing Source

$0$14,139,000General Fund, One-time

$22,768,200$0Transportation Investment Fund of 2005

$0$14,900Transp Inv Fund of 2005, One-time

$0 ($17,000)Federal Funds

$0$300County of First Class State Highway Fund

$0$15,200Transfers

$0 ($14,139,000)Transfers - Other Funds

Money would be used to cover the state's contractual obligations on its debt service.

Mandatory Debt Service$82,500$69,800

OngoingOne-TimeFinancing Source

$62,700$0General Fund

$0$49,400General Fund, One-time

$19,800$0Education Fund

$0$20,400Education Fund, One-time

No Description

Refunding Bonds ($800,000)$0

OngoingOne-TimeFinancing Source

($800,000)$0Transportation Investment Fund of 2005

Bond refunding options identified by the State Treasurer could save General Fund resources through reductions in debt service payments. Savings are estimated at $13.5M, as of January 9, 2015. This reduction would occur in the debt service line item, not in the State Treasurer's budget; the estimated figure is about $800,000 annualized.

Intent Language

HB0003: Item 51

The Legislature intends that in the event that sequestration or other federal action reduces the anticipated Build America Bond subsidy payments that are deposited into the Debt Service line item as federal funds, the Division of Finance, acting on behalf of the State Board of Bonding Commissioners, shall reduce the appropriated transfer from Nonlapsing Balances - Debt Service to the General Fund, One-time proportionally to the reduction in subsidy payment received, thus holding the Debt Service fund harmless.

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
General Obligation Bonds Debt Service	366,403,500	434,346,100	462,885,000	453,403,300	443,537,000	(14,870,400)	428,666,600	11,801,300	440,467,900
Revenue Bonds Debt Service	0	0	0	24,905,400	26,019,100	644,400	26,663,500	243,100	26,906,600
Total	$366,403,500	$434,346,100	$462,885,000	$478,308,700	$469,556,100	($14,226,000)	$455,330,100	$12,044,400	$467,374,500

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
General Fund	51,599,700	54,599,700	54,599,700	54,599,700	54,473,100	0	54,473,100	62,700	54,535,800
General Fund, One-time	13,393,800	15,252,400	15,252,400	14,111,600	14,154,200	49,400	14,203,600	(64,600)	14,139,000
Education Fund	17,164,300	17,164,300	17,164,300	17,164,300	17,202,000	0	17,202,000	19,800	17,221,800
Education Fund, One-time	0	0	0	64,300	0	20,400	20,400	(20,400)	0
Transportation Investment Fund of 2005	34,318,000	82,431,100	332,808,600	343,656,600	326,452,000	0	326,452,000	21,968,200	348,420,200
Transp Inv Fund of 2005, One-time	0	0	0	0	0	14,900	14,900	(14,900)	0
Centennial Highway Fund	137,915,300	137,663,200	0	0	0	0	0	0	0
Federal Funds	15,141,300	16,999,900	16,260,400	15,775,900	15,775,900	(17,000)	15,758,900	0	15,758,900
Dedicated Credits Revenue	20,829,600	22,060,000	22,231,500	22,726,400	25,089,100	0	25,089,100	0	25,089,100
Dedicated Credits - GO Bonds	6,450,000	0	0	0	0	0	0	0	0
County of First Class State Highway Fund	20,988,300	20,988,300	22,100,800	24,639,000	16,498,600	300	16,498,900	(10,115,300)	6,383,600
Critical Highway Needs Fund	53,802,800	76,391,200	0	0	0	0	0	0	0
Transfers	(13,393,800)	(15,252,400)	(15,252,400)	(14,154,200)	0	(14,139,000)	(14,139,000)	14,139,000	0
Transfers - Other Funds	0	0	0	(1,051,400)	0	0	0	(14,139,000)	(14,139,000)
Beginning Nonlapsing	20,391,600	12,197,400	6,149,000	8,429,300	7,356,300	296,500	7,652,800	243,800	7,896,600
Closing Nonlapsing	(12,197,400)	(6,149,000)	(8,429,300)	(7,652,800)	(7,445,100)	(451,500)	(7,896,600)	(34,900)	(7,931,500)
Total	$366,403,500	$434,346,100	$462,885,000	$478,308,700	$469,556,100	($14,226,000)	$455,330,100	$12,044,400	$467,374,500

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
Current Expense	366,403,500	434,346,100	462,885,000	478,308,700	469,556,100	(14,226,000)	455,330,100	12,044,400	467,374,500
Total	$366,403,500	$434,346,100	$462,885,000	$478,308,700	$469,556,100	($14,226,000)	$455,330,100	$12,044,400	$467,374,500

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.