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Fiscal analyst projects surplus, outlines spending priorities as revenue grows
Summary
The legislative fiscal analyst told the House that Utah’s 1994 economy produced about 50,000 new jobs and that revenue estimates for 1995–96 show surpluses; he outlined priorities including continuation costs, federal mandates, enrollment growth, a 4% compensation reserve and elevated corrections needs.
The legislative fiscal analyst addressed the House in a Committee of the Whole on Jan. 16, presenting detailed revenue estimates and economic indicators for 1994–1996 and describing how the analyst’s office has packaged priorities for the coming budget cycle.
"There were 50,000 new jobs created in the state of Utah during 1994 for a growth rate of 6.2%," the analyst said. He summarized other key data: unemployment around 3.7% (projected to remain low), robust construction-led growth in 1994, average annual wages around $22,400 (below the national…
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