The Governor’s Office, Senate, and the House of Representatives have jointly released revenue forecast numbers for FY 2020.
The consensus review provides $675 million in new ongoing funding, as well as $646 million in new one-time funding to be available for the coming legislative session. These funds reflect the strength of Utah’s growing economy.
“Utah’s economy is truly thriving,” said Gov. Gary R. Herbert. “I’m grateful for the strong economic performance that has created this revenue growth. As we head into the legislative session, we look forward to investing a sizable portion of this money in education while also returning a sizable portion of these revenues to the taxpayer.”
“The revenue numbers demonstrate just how well Utah’s economy continues to grow,” said Senate President Wayne Niederhauser. “However, with this increase revenue, it’s critical we expend and invest wisely. Smart and conservative decisions now, will pay dividends later, as our economy changes.”
“It is by no accident that Utah’s economy is expanding. We have many entrepreneurs, we have created an environment for businesses to thrive and we are finally conservative,” said Speaker Greg Hughes. “We must invest these short term gains in fiscally prudent ways to ensure Utah’s continued success.”
State economists project, of the total ongoing estimate, $187 million will accrue to the General Fund, with the remaining $488 million going to the Education Fund. They also project $67 million of the one-time revenue will be deposited in the General Fund and $580 million in the Education Fund.