State revenues grow, sign of strengthening economy

SALT LAKE CITY — (Feb. 28, 2014) Utah is expected to receive a modest increase in both on-going and one-time revenue to fund state programs, that’s according to the consensus revenue forecast released today by the Governor’s Office of Management and Budget, the Office of the Legislative Fiscal Analyst and the Utah State Tax Commission.  

In response to the update, Gov. Gary R. Herbert issued the following statement:

“The Utah economy continues to grow stronger as do the state revenue figures. My approach to growing the economy has been to maintain sensible tax rates and to allow the private sector to flourish. I firmly believe that is the best way to increase the amount of revenue available to fund the necessary government programs. Chief among those priorities is, and always has been, funding education.”

At 4.1 percent, Utah boasts the fourth lowest unemployment rate in the nation. Utah’s private sector has added nearly 70,000 jobs in the past two years, keeping the state on pace to meet the governor’s goal to create 100,000 jobs in 1,000 days.