COBI 2015 - Restricted Account Transfers

Overview
Issues
Performance
Financials

Sources Uses

FY 2016 Appropriation

Fund and Account transfers are line-item appropriations that authorize the Division of Finance to move resources from one fund or account to another. These resources are then re-appropriated from the recipient fund or account to a program or activity. They are shown separately to avoid double-counting them in a budget roll-up.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $78,000,000 from all sources for Restricted Account Transfers - PED. This is a 2500 percent increase from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $78,000,000 from the General/Education Funds, an increase of 2500 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 Property Tax Equalization Amendments$75,000,000$0

OngoingOne-TimeFinancing Source

$75,000,000$0Education Fund

Enactment of this legislation could increase budgeted local revenue to the Minimum School Program by $75,000,000 annually. Growth in local revenue decreases Education Fund amounts used to equalize the Basic School Program. This bill transfers the Education Fund savings into a newly created Minimum Basic Growth Account. Enactment of this legislation could increase the local property tax component of the Basic School Program by $75,000,000 annually. The result is a decrease in Education Fund expenditures used to equalize the Basic School Program equal to $75,000,000 annually. The Education Fund expenditure decrease is transferred to a newly created Minimum Basic Growth Account, which is then expended using the Voted and Board Levy, Capital Foundation and Enrollment Growth formulas.

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Appropriation History by

Line Items	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
USFR Growth in Student Population Acct	0	0	0	0	0	0	0	0	0
GFR - School Readiness Account	0	0	0	0	3,000,000	0	3,000,000	0	3,000,000
EF - Minimum Basic Growth Account	0	0	0	0	0	0	0	75,000,000	75,000,000
Total	$0	$0	$0	$0	$3,000,000	$0	$3,000,000	$75,000,000	$78,000,000

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
General Fund	0	0	0	0	3,000,000	0	3,000,000	0	3,000,000
Education Fund	0	0	0	0	0	0	0	75,000,000	75,000,000
Total	$0	$0	$0	$0	$3,000,000	$0	$3,000,000	$75,000,000	$78,000,000

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Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Other Charges/Pass Thru	0	0	0	0	0	0	0	75,000,000	75,000,000
Transfers	0	0	0	0	3,000,000	0	3,000,000	0	3,000,000
Total	$0	$0	$0	$0	$3,000,000	$0	$3,000,000	$75,000,000	$78,000,000

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.