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Utah Geological Survey projects year-end reserve after strong outside-funding growth
Summary
UGS reported year-to-date expenditures of $10.7M and outside funding built of $3.54M (collections $2.93M), raised a lapsing ceiling to $3.65M to preserve multi-year building-block funds, and forecasted a base-case year-end unexpended balance of about $2.4M.
The Utah Geological Survey reported financial results to its board on April 15 showing a stronger-than-expected outside-funding performance and a forecasted year-end balance.
Lynn Seymour, UGS' new finance manager, told the board the survey's fixed funding (general fund and one-time general fund) for fiscal 2026 is roughly $8.9 million and that total operating authority, including restricted accounts, is about $12.23 million. "The general fund ... for the fiscal year 2026 which start from July 1st until June 30th of this year is 8.9 million," Seymour said in her presentation.
Year-to-date through April 10, UGS reported $10.7 million in expenditures (roughly 72% of available funding) and outside funding built of $3.54 million, with collections of $2.93 million. Seymour said the survey's outside-funding pipeline and improved billing practices helped recover previously unrecorded grant charges and improved collections compared with last year when staff found gaps in grant coding.
To protect multiyear projects, UGS worked with legislative fiscal analysts to raise its lapsing ceiling to $3.65 million so multi-year building block funds (for example, a three-year $1.75 million building block described to the board) can be carried forward rather than swept at fiscal year end. Richards credited finance staff with addressing prior-year revenue shortfalls; board members praised staff for improving billing and collection processes.
UGS presented a three-scenario Q4 forecast that placed Q4 collections at approximately $1.6 million in the base case, bringing projected full-year collections to about $4.5 million and projecting full-year expenditures that produced a base-case unexpended balance near $2.4 million. Seymour warned the survey must monitor restricted-account draws so it does not overdraw accounts tied to volatile revenues such as mineral and oil-and-gas taxes.
Next steps: staff will continue to monitor collections and expenditures, flag restricted-account draw risks, and report updated forecasts to the board. The board did not take formal budgetary votes at this meeting.
