Consensus revenue figures indicate Utah’s prosperous and diverse economy is generating additional revenue for the state.
The consensus revenue forecast shows a supplementary $101 million of one-time funds and $382 million in new ongoing appropriations for the upcoming FY 2019 budget. That is an increase from the amounts available at this time last year, which were $1 million one-time and $283 million ongoing.
“Utah’s continued economic growth provides the revenues that will allow the State of Utah to make critical investments in our long-term future, including education,” said Governor Gary Herbert.
“A reliable state budget depends on a reasonable, conservative budget forecast,” said Senate President Wayne Niederhauser. “These consensus figures are encouraging and good news for our economy, but we must continue to be conservative when examining the entire budget to ensure we find the correct fiscal balance.”
“This revenue and economic forecast illustrates that Utah’s economy continues to thrive,” said Speaker Greg Hughes. “While these numbers are encouraging, we must continue our measured approach as we put together the state budget that addresses critical needs of this great state. We have some of the best legislative economists in the nation and I appreciate the hours they spent working on this forecast.”
The Office of Legislative Fiscal Analyst presented the consensus forecast on Tuesday, November 12, 2017, to the Executive Appropriations Committee. The office also presented a comprehensive review of revenue volatility and a trend analysis. It recommended using $67 million ongoing and $85 million one-time from the new revenue to pay existing obligations.