Utah’s economic expansion continues as revenue estimates have been revised upward from November.
After making adjustments related to lower severance tax and other revenue adjustments, the new estimates provide $389 million for additional ongoing appropriations, $64 million higher than the November estimates. In addition, $350 million is available for one-time appropriations, $37 million higher than November estimates.
“As a result of our focus the past five years on growing the economy, we are in position to invest in the areas that will strengthen our economic position for decades to come,” said Gov. Gary R. Herbert. “The new consensus revenue numbers show we have the ability to make significant investments in the areas I laid out in my budget, including the largest true increase in student funding in 25 years, corrections reform that will save our state significant amounts of money in the long run, and the Healthy Utah plan, which brings hundreds of millions of tax dollars Utahns are already paying, back to our state.”
Gov. Herbert proposed a $14.3 billion budget in December. Click here to read the full proposal.