Financial Ready Utah: How to prepare

Approximately 40% of the state’s funds come from the federal government. This puts Utah in a bind, particularly given the current economic standing of the feds. What do we do about it?

Financial Ready Utah, led by the Utah Association of Certified Public Accountants, held a press conference on the Hill to address this and other economic issues facing the state.

The audio from the press conference can be found here.

The following is an outline of the Financial Ready Utah Package of bills:

SB 278 Federal Funds Commission: This Bill creates a Federal Funds Commission to assess the risk of a reduction in the amount or value of federal funds into the state and how to reduce the dependency of state and local governments on federal funds.
Chief Sponsor: Sen. Deidre Henderson
House Sponsor: Rep. Ken Ivory

SJRConcurrent Resolution to Reduce Utah’s Dependence on Federal Funds: This Resolution details what Erskine Bowles calls “the most predictable economic crisis in history” and calls on Utah, its subdivisions, communities and families to lead out in our state and our nation to provide for greater opportunities for future generations.
Chief Sponsor: Sen. Aaron Osmond
House Sponsor: Rep. Eric Hutchings

SJR7 Joint Rules Resolution on Revenue Estimates for Federal Funds: This Resolution establishes the legislative procedures for taking into account in the budgeting process the risk of a reduction in the amount or value of federal funds.
Chief Sponsor: Sen. Wayne Harper
House Sponsor: Rep. Brian Greene

SB138 Amendments to Requirements for Governor’s Proposed Budget: This bill establishes the requirement for taking into account in the Governor’s proposed budget the risk of a reduction in the amount or value of federal funds.
Chief Sponsor: Sen. Wayne Harper
House Sponsor: Rep. Steve Handy

HB195 Budgetary Procedures Act Revisions: This Bill establishes the Rainy Day Funding criteria to account for the risk of a reduction in the amount or value of federal funds.
Chief Sponsor: Rep. Ken Ivory
Senate Sponsor: Sen. Steve Urqhart

HB205 Contingency Plans for Political Subdivisions: This Bill extends the contingency planning requirements of HB138 Federal Receipts Reporting Requirements (2011) to political subdivisions.
Chief Sponsor: Rep. Ken Ivory
Senate Sponsor: Sen. Deidre Henderson

SB158 Municipal General Fund Amendments: This Bill increases the Rainy Day cap for municipalities to deal with contingencies.
Chief Sponsor: Sen. Deidre Henderson
House Sponsor: Rep. Ken Ivory

Here’s a brief recap from the Salt Lake Tribune.