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Utah House updates revenue estimates, reports $144M one-time and $253M ongoing in new funds
Summary
Rep. Brown told the House that legislative analysts revised consensus revenue numbers: $11 million more one-time and $47 million more ongoing revenue at the statewide level, with education funds showing $18 million one-time and $52 million ongoing; the package leaves $144 million newly available one-time and $253 million newly available ongoing.
Representative Brown announced revised revenue estimates after the legislative fiscal analysts met with the governor's office and the State Tax Commission. He said one-time revenue was revised up $11,000,000 and ongoing revenue up $47,000,000. He added that the general fund was revised down slightly (about $7,000,000 one-time and $4,000,000 ongoing) while the education fund showed increases of $18,000,000 one-time and $52,000,000 ongoing. "The bottom line is, we now have $144,000,000 in new available one-time revenue for this budget cycle, and $253,000,000 in new ongoing revenue," Brown said.
The sponsor said economists expect continued year-over-year growth in general fund revenue, but at a slightly lower rate than previously anticipated. He said a hard-copy summary would be circulated to members.
No questions were raised immediately after the announcement and Brown offered to answer follow-up questions later. The House proceeded with the day's calendar and several bills on the consent calendar were read and voted on following the announcement.
Looking ahead, the updated revenue picture will inform appropriations and committee decisions as budget bills advance through the House and Senate.
