BEDL Notes Jan 26, 2017

Notes for BEDL Committee - Jan 26, 2017 8 am 1. Department of Financial Institutions presents base budget, mostly personnel related and some travel costs as well. Their mission is to supervise and regulated financials for businesses in Utah, and making sure credit agreements are fair. They mostly oversee credit unions and banks through the State charter, however many of them are able to be overseen by the federal charter if they would like. Talked about Lassonde Center for Innovation and Banking at the University of Utah. 2. Labor Commission presents base budget, their purpose is to help ensure fairness and safety in industry, an important funding source is Worker’s Compensation. Jason Maughn Commissioner presents. Five divisions: industrial accidents (WCF); Utah Occupational, Health and Saftety (Health and safety regualtions); Consultation and Compliance section; Boiler, Elevator, and Coal Mine Section; Anti discrimination department (wage claims, discrimination); adjudication. With addition of new judge in July, wait time for hearings has gone down, although they hope as new judge gets more up to speed, hearings for Workers Comp will be down Committee will vote for funding on Wednesday 3. USTAR - Utah Science,Technology, and Research Initiative, Technology Ecosystem to seed new ideas, by supporting Research Universities in Utah, Receives 4 main grant programs, Industry partnership program, University Technology Acceleration program, Science and Technology Initiation Grant. No additional budget requests, but budget restructuring. Ivy Westbrook, executive director for USTAR. Small business, innovative research center was recognized by the SBA (small business administration). With twice the win rate of national average. Utah was number 2 state for receiving research grants in the Nation, despite a decrease of state funding to Universities. SB 166 (from last year) - requests to restructure budget to change some of the appropriations Innovation Ecosystem - Ideas becoming products (focused where there are gaps in the industries) while strengthening research capacities. One change was the ability to open programs across the state, outside of SL Valley and Logan. There are proposed cuts in the budget for the competitive grant programs for USTAR. Research Universities have innovative ideas that have potential commercial impact, ideas can be patented to sell it or can start a business themselves. Some of these start up companies (not all university) receive grants. These grants are for a variety of things including idea generation, late-stage development, and small business grants. These grants fill a gap (risk capital) that exists. 65 fundable grants this in FY 16, but if this program is cut down, it will make an insufficient fund even smaller. The President of Utah State University and a member of Turner Imaging Company presented a prototype to the committee.

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