Utah Code 53B-7-703. Performance Funding Restricted Account — Creation — Deposits into account — Legislative review
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(1) As used in this section:
Terms Used In Utah Code 53B-7-703
- Account: means the Performance Funding Restricted Account created in Section
53B-7-703 . See Utah Code 53B-7-702 - Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
- Board: means the Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Performance: means total performance across the metrics described in Section
53B-7-706 . See Utah Code 53B-7-702 - State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) “Account” means the Performance Funding Restricted Account created in Subsection (2).
(1)(b) “Baseline amount” means the simple five-year average amount of personal income tax withholding over fiscal years 2019-2023.
(1)(c) “Personal income tax withholding means” means income tax withholding required under Title 59, Chapter 10, Part 4, Withholding of Tax.
(2) There is created within the Income Tax Fund a restricted account known as the Performance Funding Restricted Account.
(3) The Legislature may appropriate money to the account.
(4) Money in the account shall be:
(4)(a) used for performance funding for:
(4)(a)(i) degree-granting institutions; and
(4)(a)(ii) technical colleges; and
(4)(b) appropriated by the Legislature in accordance with Section 53B-7-705 .
(5)
(5)(a) Money in the account shall earn interest.
(5)(b) All interest earned on account money shall be deposited into the account.
(6)
(6)(a) Except as provided in Subsection (6)(b) or (6)(c) and beginning December 1, 2025, before the end of each calendar year, the Executive Appropriations Committee shall appropriate to the account an amount equal to 6% of the difference between the five-year average amount from the most recent five years of personal income tax withholdings and the baseline amount.
(6)(b)
(6)(b)(i) As used in this Subsection (6)(b), “total higher education appropriations” means, for the current fiscal year, the total state funded appropriations to:
(6)(b)(i)(A) the board;
(6)(b)(i)(B) degree-granting institutions; and
(6)(b)(i)(C) technical colleges.
(6)(b)(ii) If an appropriation described in Subsection (6)(a) would exceed 10% of total higher education appropriations, the Executive Appropriations Committee shall appropriate to the account an amount equal to 10% of total higher education appropriations.
(6)(c) If, after appropriating to the Public Education Economic Stabilization Restricted Account as defined in Section 53F-9-204 , the remaining available revenue from the personal income tax withholdings is less than the lesser of the amounts in Subsection (6)(a) or Subsection (6)(b)(ii), the Executive Appropriations Committee shall appropriate to the account the remaining available revenue from the personal income tax withholdings.