Consensus Forecast Projects New Revenue
November 25, 2013
SALT LAKE CITY – Governor Gary R. Herbert said today that despite the uncertainty in Washington, D.C., Utah economy continues to improve. The consensus revenue forecast shows an additional $132 Million dollars in new one-time and $206 Million in new ongoing revenue for the upcoming budget cycle.
“With sequestration and the federal government shutdown, Utah is not immune from the effects Washington, D.C., has on the nation. With that said, my number one priority continues to be growing Utah’s economy,” Governor Herbert said. “The latest revenue figures are encouraging because they demonstrate this focus is working. We must continue to be careful with investing every dollar wisely to increase job growth, improve education and sustain our high quality of life.”
“We’re encouraged by the positive direction of the state’s revenue numbers,” Speaker Rebecca Lockhart said. “A cautious approach to budgeting, and an aggressive approach to building Utah’s economy will keep us moving forward.”
“We’re thankful that our economy continues to grow, especially given some uncertainty beyond our borders. The prosperity we enjoy is a result of careful stewardship, limited government, conservative tax policy, and the work ethic of Utah citizens,” Senate President Wayne Niederhauser said. “We need to continue on that path. New revenue growth will help us increase education funding and rebuild our savings accounts. Utah is a spot of calm in troubled economic waters. During the upcoming legislative session we’ll all work together to budget carefully, with gratitude for our blessings, and with an eye out for storms just over the horizon.”
The Governor’s Office of Management and Budget, Office of the Legislative Fiscal Analyst, and Tax Commission estimate that unrestricted General Fund and Education Fund revenue will decline 1.5% in fiscal year 2014, but grow 3.8% in fiscal year 2015, which is consistent with average annual growth over the past 10-years.