State leaders release revised FY2019 revenue numbers

SALT LAKE CITY (Feb. 21, 2018) – Gov. Herbert and the Utah Legislature jointly announce new consensus revenue estimates for the State of Utah for the 2018 legislative session.

The new consensus estimates project a total of $508 million in new ongoing General Fund and Education Fund revenues, $126 million higher than the December 2017 estimates. In addition, consensus estimates project new one-time funds of $184 million for one-time appropriations, $83 million higher than December 2017 estimates.

“The revised revenue numbers released today show the strength of Utah’s economy.” Gov. Herbert said. “This consistent growth provides us with the opportunity to make much-needed investments in education, an issue that is a top priority for both my administration and Utah’s Legislature.”

“A reliable state budget depends on a reasonable, conservative budget forecast,” said Senate President Wayne Niederhauser. “These consensus figures are encouraging and reflect our growing economy, but we must continue to be conservative when finalizing the entire budget to ensure we find the correct fiscal balance.”

“The revised revenue numbers demonstrate that Utah is thriving due to our strong economy,” said Speaker Greg Hughes. “As we finalize the budget, the Utah Legislature will maintain our long-standing commitment to education funding while remaining fiscally conservative.”