ST. GEORGE – In addition to more than $1 billion in tax cuts and historic investments in teacher salaries announced Thursday, Gov. Spencer J. Cox and Lt. Gov. Deidre Henderson unveiled Friday their full budget recommendations and priorities for fiscal year 2024.
The budget includes support for families, young Utahns and investments in quality of life.
“This is a budget that reflects fiscal conservatism and family values by investing in people, and expanding opportunities for Utahns across the state,” Gov. Cox said and a news release from the Office of the Governor. “Our state is growing and this budget invests in the things that we know work.”
In total, the proposed budget comes in at approximately $28.4 billion, the report states, compared with $28.6 for FY2023 and $22.1 for FY2022.
At a glance, the budget earmarks the following:
- $1.3 billion in tax relief over three years
- $200.7 million for teacher compensation package totaling $6,000 per year
- $516 million for water conservation, agriculture optimization, infrastructure
- $150 million for housing including $11.5 million for first-time home buyers
- $53.5 million for mental health resources
- $53.5 million for domestic violence prevention and victim support
- $16 million for family support services
Consensus revenue identified by the Governor’s Office of Planning and Budget and the Legislative Fiscal Analyst show about $1.85 billion in available ongoing General Fund and Income Tax Fund revenue and $2.88 billion in available one-time unrestricted General Fund and Income Tax Fund revenue.
On top of these estimates, GOPB and LFA have identified income tax fund revenue that the offices consider “high-risk” due to the potential lack of sustainability. The governor recommends appropriating these funds to low-risk spending areas, the news release said.
In response to the ongoing drought, the budget includes a more than half-billion dollar investment in water conservation, quality, research, infrastructure and management, including $132.9 million specifically for the Great Salt Lake and more than $217.9 million for statewide water conservation and supply management that will create medium- and long-term benefits for the lake.
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