Theme 6: Enhance Economic Development in Utah

The following goals were established to enhance economic development in Utah by better coordinating efforts among entities that serve and regulate business.

6A. Undertake a review of regulatory and audit impacts to businesses

Details

Better coordination or consolidation of regulatory services, including elimination of duplicative site visits, would result in lower costs to businesses and to the State.

Target Outcomes

Potential to remove burdensome duplication for business.

Status

This review is being conducted by Mike Mower, Ken Hansen, Thad LaVar, Brad Johnson, and Hunter Finch.

Target Completion Date

October 1, 2011.

6B. Coordinate and highlight State business services during the regulatory process

Details

Three organizations currently offer services to new or existing Utah companies, each tasked with its own level of requirements or services for establishing or continuing a business in Utah. The Department of Commerce handles the registration and regulation of a business. The Governorís Office of Economic Development handles business promotion, recruitment, and incentives, and the International Trade and Diplomacy Office/World Trade Center Utah handles services to enhance international trade of business.

Many businesses are not aware of these various services, which should be highlighted as a tool for Utah companies. Physical co-location of business service providers should also be considered as a way to increase visibility.

Target Outcomes

The Department of Commerce is making an effort to educate the business community about the services offered by the state government and has developed multi-agency Internet tools. The Department has provided data for the evaluation of a potential co-location. The current downtown Salt Lake City location is working well for the Department.

Status

The Department of Commerce is making efforts to educate the business community about the services offered by the state government and has developed multi-agency Internet tools. The Department is updating the One-Stop Business Registration, a multi-agency regulatory tool for new business start-ups. The tool has been running effectively for several years. The One-Stop Business Registration (OSBR Version 4.0) is scheduled for a live rollout on July 20, 2011. This update will make an existing, successful, and popular multi-agency online tool for new businesses even more user-friendly.

The Department of Commerce is coordinating with the Governorís Office to develop a ďfinancial safety netĒ Internet portal providing educational tools about multi-agency regulatory functions. The Department of Commerce plans to have the financial safety net Internet portal tested and reviewed by the end of 2011.

The Governor's Office of Economic Development and the Department of Commerce will coordinate efforts to market the tools and services available to businesses.

Target Completion Date

In progress.

6C. Review Department of Financial Institutions functions for duplication

Details

The Department of Financial Institutions should be reviewed to determine if its audits are consistent with best practices. Initial review of the span of control shows a high level of managers to standard auditors. A review could help to identify more efficient practices within Financial Institutions.

Target Outcomes

1. Determine whether the Department duplicates federal or state functions.

2. Determine whether the Department utilizes best practices in audit operations.

3. Review the Department managementís span of control.

Status

The Department of Financial Institutions (DFI) charters, regulates, supervises, and examines persons, firms, corporations, associations, and other business entities furnishing financial services to the citizens of the state of Utah. Through examinations and remedial action orders, the Department determines each regulated entityís financial solvency and compliance with applicable state and federal laws and rules, safeguarding the interests of depositors, members, and shareholders.

DFI does not duplicate the functions of any other federal or state agency. The Department demonstrates an efficient and effective supervisory span of control. DFI also maintains accreditation, which is prestigious and represents compliance with regulatory agency best practices and denotes very efficient operations. DFI was re-accredited by banking and credit union associations in December 2009, at which point supervisory positions were reviewed and deemed appropriate.

Target Completion Date

All target outcomes have been accomplished.

6D. Add Economic Development to every State employee's mission and require every State agency to have an economic development plan

Details

Creating a culture within State government that has all groups interested and involved with the goal of business development may create opportunities to re-evaluate current regulations and services that are not conducive to economic development. Under the Governorís leadership, senior staff should solicit input from State and private entities to identify counterproductive regulations to provide opportunities to makes changes in statute or rule.

Target Outcomes

The Department of Community and Culture (DCC) employees understand their role in developing Utah's economy and have a focus of improving the economy as they deliver programs and services.

DCC is better able to help build a strong economy in Utah as a result of having a defined economic development plan for the agency.

Status

The Governorís Office of Economic Development (GOED) published the Utah Economic Development plan in fall 2010 and created pocket-sized cards for the Governorís Office and GOED staff to carry with them. The card includes the Governorís vision and mission for stimulating Utahís economy, as well as a list of positive accolades the State has received because of its business-friendly climate.

The Governorís Office has tasked state agencies with reviewing all rules and regulations and developing suggestions for streamlining rules and regulation processes in order to make state government more efficient for private-sector companies.

GOED will identify specific agencies with which to coordinate to better align economic development goals and remove barriers for business development.

At each cabinet meeting the Governor and/or his Chief of Staff will make economic development a priority discussion point and have the Executive Director of GOED highlight current activities.

GOEDís Director of Communications will work with the Governorís Office communication team to develop an economic development dialogue with each agency through its Public Information Officer.

GOED will draft language for a ceremonial declaration of Economic Development Month, or something similar, to encourage all government agencies and economic development entities to align efforts and develop plans for fostering economic development and improving the business environment.

Department of Community and Culture (DCC) employees have Economic Development incorporated into their performance plans. DCC expects to continue to refine how this measure will be reflected in their performance plans. DCC will have its first draft version of an Economic Development plan by July 14.

Target Completion Date

In progress.

6E. Expand Business Resource Center Advisory Board duties

Details

The duties of the Business Resource Center Advisory Board should be expanded to review performance, provide advice, and improve effectiveness of State-funded business assistance service providers operating within Utah. An expansion of board duties would leverage an existing board to provide valuable input to increase efficiencies and coordinate services to Utah businesses.

Target Outcomes

Run legislation to address the concerns and make-up of the Business Resource Center boards.

Status

The legislature successfully passed HB 359, which expands the make-up and scope of the BRC Advisory Board to address performance accountability and coordination with the Governorís Economic Development Plan. Consequently, the Boardís duties have been expanded and the coordination and delivery of services to Utah businesses are expected to become more efficient.

Target Completion Date

Complete

6F. Evaluate the coordination of International Trade and Diplomacy functions in the Governor's Office of Economic Development and the World Trade Center

Details

Two organizations currently promote Utah internationally. A review of functions in each entity should be completed and a clear single mission should be identified.

Target Outcomes

Co-locate the Governorís Office of Economic Development and the World Trade Center Utah to better coordinate economic development goals and objectives.

Status

SB 312 was passed during the 2011 General Session, creating the Governor's Economic Development Coordinating Council. The council will be made up of key economic development stakeholders that will meet quarterly to better coordinate economic development efforts. This will allow World Trade Center Utah (WTCU) and the Governor's Office of Economic Development (GOED) to better coordinate marketing Utah internationally and to help strategically leverage one anotherís shared economic development goals and activities. Co-location of WTCU and GOED is planned for the fall of 2011.

Target Completion Date

Co-location planned for summer 2011.