SALT LAKE CITY — The Utah Governor’s Office, Senate and House of Representatives have jointly released revenue forecast numbers for fiscal year 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. According to a press statement from the Office of the Governor, these funds reflect the strength of Utah’s growing economy.
“Utah’s economy is truly thriving,” Gov. Gary R. Herbert said in the statement. “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.”
Senate President Wayne Niederhauser said the revenue numbers demonstrate how well Utah’s economy continues to grow but also recommended caution.
“With this increase revenue, it’s critical we expend and invest wisely,” Nierhauser said. “Smart and conservative decisions now, will pay dividends later, as our economy changes.”
Speaker of the House Greg Hughes said the expanding economy was “no accident.”
“We have many entrepreneurs, we have created an environment for businesses to thrive and we are fiscally conservative,” Hughes said. “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 the state’s 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.
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