Utah's $97 million budget surplus makes case for tax reform ‐ and a tax cut
[Deseret News] SALT LAKE CITY ‐ Utah is counting on yet another state budget surplus, this time adding up to $97 million, and supporters of tax reform say the numbers make it clear why lawmakers need to act, including on a tax cut.
A preliminary report shows that as of the end of the fiscal year on June 30, the education fund that largely comes from income tax collections grew $140 million, an increase of 9.1% over the previous year and well above the projected 6% growth.
But it's a different story for the general fund that pays for the rest of state government services and is heavily dependent on the state's share of sales tax revenues.
While the general fund is also up, the report issued recently by the Governor's Office of Management and Budget and the Legislative Fiscal Analyst warns of a potential $43 million revenue deficit because growth was 3.6%, not the 5.3% projected.
The actual numbers are likely to change as the books are closed on the budget year.
Posted by: Besoeker 2019-08-09