Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the State Budget Revenue topic
No spam. Unsubscribe anytime.
House leadership presents revised revenue estimates, recommends no change to assumptions
Summary
Leadership briefed the House on new revenue estimates showing modest shifts: a $4.8 million one-year general-fund shortfall tied to corporate franchise receipts and about $7.7 million projected growth for the next fiscal year; leadership recommended keeping the session's revenue assumptions unchanged.
On Feb. 14, 1996, Representative Stevens presented updated revenue estimates to the Utah House of Representatives and urged the chamber to maintain the session's existing budget assumptions.
Stevens told members that the current fiscal-year (ending June 30) one-time estimates show a small net reduction to the general fund of about $4.8 million, and he attributed roughly $5 million of the corporate franchise tax shortfall to Micron’s six-month delay in beginning operations. "They're not going to come in this fiscal year as was anticipated," Stevens said of the company, and added leadership's recommendation: "we're gonna recommend that we actually make no change in our revenue assumptions."
The sponsor also outlined ongoing estimates for fiscal 1997. He reported a rise in sales-tax receipts and a projected increase of about $3.8 million to the general fund and roughly $3.75 million to the uniform school fund, producing a combined growth in the two funds of about $7.7 million. Stevens noted that, when offset against the current-year reductions, the net difference between the two sets of figures was approximately $1 million and characterized the changes as "very, very slight" given a multibillion-dollar revenue base.
Members asked whether the new estimates would change appropriation subcommittee plans for ongoing versus one-time spending. Stevens said leadership intended to keep current committee assumptions in place and would provide more detailed figures to caucuses by Thursday and the following Tuesday. He invited members to follow up with him or leadership if they had questions.
Next steps: leadership recommended no change to revenue assumptions for the session; appropriation subcommittees and staff will circulate more detailed line-item numbers in subsequent caucus meetings.
