COBI 2015 - State Small Business Credit Initiative Program Fund

Overview
Issues
Performance
Background
Financials

Sources Uses

FY 2016 Appropriation

The State Small Business Credit Initiative Program Fund is an enterprise fund to provide loan and loan guarantees for the federal government's Small Business Credit Initiative. The program guarantees up to 80% of loans for small business owners. Because the state purchases portions of loans, the program receives fee and interest income. The program is self-sustaining and uses its income to cover potential losses.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $1,350,300 from all sources for State Small Business Credit Initiative Program Fund. This is a 0 percent increase from Fiscal Year 2015 revised estimated amounts from all sources.

Statute

Based on current law (UCA 35A-8-1201) the State Small Business Credit Initiative Program Fund functions as an enterprise fund. UCA 35A-8-1203 directs an annual report by November 1 to the Economic Development and Workforce Services Interim Committee on the effectiveness of the loan and loan guarantee program.

This Fund receives revenue automatically as per UCA 35A-8-1201 indicates that revenues may come from "grants, pay backs, bonuses, entitlements, and other money received from the federal government to implement the State Small Business Credit Initiative; and transfers, grants, gifts, bequests, and other money made available from any source to implement this part."

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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
State Small Business Credit Initiative P	0	97,000	847,700	1,350,100	3,364,200	(2,014,100)	1,350,100	200	1,350,300
Total	$0	$97,000	$847,700	$1,350,100	$3,364,200	($2,014,100)	$1,350,100	$200	$1,350,300

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Federal Funds	0	4,345,600	0	4,345,500	4,000,000	0	4,000,000	350,200	4,350,200
Dedicated Credits Revenue	0	900	34,700	65,200	340,000	(274,800)	65,200	0	65,200
Interest Income	0	22,000	28,400	0	0	0	0	0	0
Restricted Revenue	0	0	0	28,900	0	28,900	28,900	0	28,900
Beginning Fund Balance	0	0	4,271,500	3,486,900	3,486,900	3,089,500	6,576,400	2,744,000	9,320,400
Ending Fund Balance	0	(4,271,500)	(3,486,900)	(6,576,400)	(4,462,700)	(4,857,700)	(9,320,400)	(3,094,000)	(12,414,400)
Total	$0	$97,000	$847,700	$1,350,100	$3,364,200	($2,014,100)	$1,350,100	$200	$1,350,300

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	0	81,300	98,100	25,800	151,400	(125,600)	25,800	0	25,800
In-state Travel	0	400	300	0	4,600	(4,600)	0	0	0
Out-of-state Travel	0	3,500	9,300	2,000	7,200	(5,200)	2,000	0	2,000
Current Expense	0	11,800	1,900	100	102,800	(102,700)	100	200	300
DP Current Expense	0	0	100	0	0	0	0	0	0
DP Capital Outlay	0	0	0	0	4,000	(4,000)	0	0	0
Other Charges/Pass Thru	0	0	738,000	1,322,200	3,094,200	(1,772,000)	1,322,200	0	1,322,200
Total	$0	$97,000	$847,700	$1,350,100	$3,364,200	($2,014,100)	$1,350,100	$200	$1,350,300

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Other Indicators	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Actual FTE	0	0	0.80	0.30	0	0	0	0	0
Change in Fund Balance	0	4,271,500	0	0	1,000,000	(1,000,000)	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.