Governor announces 2014 revenue surplus
September 16, 2014
“Our focus on growing the economy is paying off for Utahns who have improved their employment situations and elevated their quality of life,” said Gov. Herbert. “A budget surplus shows we are using every tax dollar to its maximum effect and living within our means. Most importantly, it means we have additional funds to invest where they are needed most, specifically in education.”
The surplus resulted from strong individual and corporate income tax collections in the Education Fund, and strong oil and gas production which generates General Fund revenue. After automatic transfers, $112 million will be available for onetime appropriation during the 2015 General Session of the Legislature, $105 million from the Education Fund and $7 million from the General Fund.