Utah’s consensus revenue numbers were released today in cooperation with leaders from the Utah Senate, House of Representatives, Legislative Fiscal Analyst, the Governor’s Office of Management and Budget and Utah State Tax Commission.
Utah economy continues to increase.
In December, consensus numbers estimated $382 million ongoing and $101 million one-time in available new revenue.
In January, the Legislature designed a portion of the new revenue to:
- Repay $85 million to the rainy-day funds
- Finance $67 million in buildings that were approved last year
- Fix an $18 million matter with firefighter retirement
- Pay $3 million for the statutory Tourism Marketing Performance Fund increment
- Among other minor changes
Leaving $292 million ongoing and $12 million one-time available for tax cuts and further spending priorities, prior to base budget reductions. During the base budget process, the Legislature reduced spending by $35 million ongoing and $33 million one-time.
Our economists now predict that the Legislature will have additional $126 million ongoing and $83 million one-time in new revenue compared to the December amounts.
The new ongoing revenue:
- $65 million in General Fund
- $61 million in Education Fund.
The new one-time revenue:
- $28 million in General Fund
- $55 million in Education Fund
The revised total available new revenue at this time, after base budget changes, is $453 million ongoing and $128 million one-time. At last year at this time, it was $361 million available ongoing and $6 million available one-time.
The above FY 2018 amounts do not include $25-$80 million in new ongoing revenue that can be expected from the federal tax reform.