We’ve got some good news, some better news and some bad news.
The good news is that Utah’s fiscal analysts are very, very good. New revenue estimates show that they were within a very slim margin of their fall estimates.
Overall, new estimates show that one-time revenue is up $11 million and ongoing revenue is up $47 million, with most of that increase in the education fund. In total, the state has $144 million in new one-time revenue and $253 million in ongoing revenue.
The better news is that while the numbers aren’t shooting up, they are on an upward trajectory. They show a growing economy that is creating jobs and improving our standard of living. Utah continues to be well-positioned for what lies ahead. Our consumer confidence levels are well above national averages, and our unemployment rate, at 4.1 percent, is well below the national average.
The bad news is that there are a LOT of requests for funding on Capitol Hill and it’s impossible to fund them all.
Requests are pouring in from public education, higher education, health care, transportation, public safety and more. There is also wisdom in potentially adding it to the rainy day fund. Over the next two weeks, lawmakers will decide what to do with the additional revenue.
A final word about our analysts:
Pew Charitable Trusts declared that “Utah has taken the most comprehensive approach to studying [revenue] volatility.” And through their use of data-driven practices “can help policymakers chart a clearer course.”
So, thanks nerds, for all you do!
|General||$40 million||-$32 million||$8 million|
|Education||$213 million||$176 million||$388 million|
|Total||$253 million||$144 million||$396 million|