Designation of targeted jobs -- Determination of estimated revenue growth from targeted jobs -- Reporting.
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(1) As used in this section, "baseline amount" means the average annual wages for targeted jobs over calendar years 2014, 2015, and 2016, as determined by the Department of Workforce Services using the best available information.
(2)
(a) The Department of Workforce Services shall designate, as a targeted job, a job that:
(i) has a base employment level of at least 100 individuals;
(ii) ranks in the top 20% of jobs for outlook based on:
(A) projected number of openings; and
(B) projected rate of growth;
(iii) ranks in the top 20% of jobs for median annual wage; and
(iv) requires postsecondary training.
(b) The Department of Workforce Services shall designate targeted jobs every other year.
(c) The GO Utah office may, after consulting with the Department of Workforce Services and industry representatives, designate a job that has significant industry importance as a targeted job.
(d) Annually, the Department of Workforce Services and the GO Utah office shall report to the Higher Education Appropriations Subcommittee on targeted jobs, including:
(i) the method used to determine which jobs are targeted jobs;
(ii) changes to which jobs are targeted jobs; and
(iii) the reasons for each change described in Subsection (2)(d)(ii).
(3) Based on the targeted jobs described in Subsection (2), the Department of Workforce Services shall annually determine the estimated revenue growth from targeted jobs by:
(a) determining the total estimated wages for targeted jobs for the year:
(i) based on the average wages for targeted jobs, calculated using the most recently available wage data and data from each of the two years before the most recently available data; and
(ii) using the best available information;
(b) determining the change in estimated wages for targeted jobs by subtracting the baseline amount from the total wages for targeted jobs described in Subsection (3)(a); and
(c) multiplying the change in estimated wages for targeted jobs described in Subsection (3)(b) by 3.6%.
(4) Annually, at least 30 days before the first day of the legislative general session, the Department of Workforce Services shall report the estimated revenue growth from targeted jobs to:
(a) the Office of the Legislative Fiscal Analyst; and