Utah’s economy is healthy and thriving. In FY 2017, individual income tax was up about 7.1 percent compared to the previous year; income tax revenue reached its all-time high for the fifth year in a row collecting $1.86 billion in sale tax; and the State’s Education Fund is on a healthy growth path increasing 4.1 percent in FY 2017.
The Legislature’s Executive Appropriations Committee (EAC) received a revenue update during the October meeting. The State of Utah’s General and Education Fund collected $47 million more than projected for FY 2017, which ended June 30. After statutorily required reserve account deposits, aka the rainy-day fund, the General Fund balance is $8 million and available Education Fund balance is $18 million.
The Legislative Fiscal Analyst staff predicts the economy will continue to increase this upcoming year.