SALT LAKE CITY — Just two days before Gov. Gary R. Herbert is set to roll out his state budget proposal, new consensus revenue figures show Utah’s growing and diverse economy is producing additional revenue for the state.
After diverting $56 million of on-going funds and $7 million one-time funds for required earmarks, the consensus revenue forecast shows an additional $313 million in new, one-time revenue and $325 million in new, ongoing unrestricted revenue for the upcoming fiscal year 2016 budget cycle.
“The consensus revenue numbers are the result of our strong and diverse economic growth,” Herbert said. “Our commitment to conservative fiscal principles and to cultivating the nation’s most business friendly environment will now allow us to make sound investments to continue our economic expansion and enhance our quality of life.”
A strong economy allows us the opportunity to invest in the policies essential to the high quality of life we enjoy in Utah, Herbert said. “Our commitment to fundamental, conservative principles has helped us cultivate the nation’s most business-friendly environment, and now allows us to put the revenue to wise use to further accelerate our growth.”
The Governor’s Office of Management and Budget, the Office of the Legislative Fiscal Analyst, and the Utah State Tax Commission estimate unrestricted General Fund and Education Fund revenue will generate $325 million ongoing, including $77 million going to the General Fund and $248 million going to the Education Fund. The $313 million of one-time money includes $112 million of fiscal year 2014 revenue surplus.
- Herbert: Turning a blind eye, doing nothing is not the Utah way; details Healthy Utah pilot program
- Gov. Herbert releases results of legal review of Utah’s Common Core Standards
- Matheson: FARM Bill ‘fiscally irresponsible’
Email: [email protected]
The word “invest” when applied to tax revenues and government spending is the wrong mindset to me. Because government is such a big part of our lives–too big, many would say–it’s natural for politicians and the media to assume that excess revenue belongs to the state. It doesn’t: every dime comes out of someone’s pocket and is “taken” by the government. Government is not entitled to our money by some law of nature. So the first inclination of our legislators should be, “We’ve taken more than we need. We should cut taxes to return money to its rightful owners.” Instead, Governor Herbert sounds like he’s looking for something to spend it on; no specific needs were mentioned. Oh, there will be plenty of special interests who will argue that this or that should be funded and some of these things may pass muster as worthwhile. But over-taxing the people is not, in itself, justification for new spending.
Gubmunt might not be entitled to our money but failed wallstreet banks and automakers are entitled to our money in the form of bailouts and subsidies, just ask any politician or banker…
I couldn’t agree more. That being said, if there is a way to spend $1 to save $2 next year, I’d prefer that over getting back the $1. However, it’s hardly in the nature of government to spend extra money wisely or save money anywhere. The best part about giving that money back to the taxpayers (the ones that actually paid the money in, not in huge refunds to those that didn’t like the feds do) is that it forces them to be more wise with the money they have to work with.
DON’T WANT NO BIG GUBMUNT, SO LONG AS I GET MY SOCIAL SECURITY CHECK EVERY MONTH AND FREE MEDICARE. YOU LIBERALS KEEP YOUR BIG GUBMUNT AWAY FROM MY BIG GUBMUNT BENEFITS!