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Leavitt proposes $201M budget, introduces 'boom buffer' to restrain use of temporary growth
Summary
Governor Michael O. Leavitt told the Utah Legislature the state has $201,000,000 in new revenues and proposed a 'boom buffer' to hold back a portion of growth-driven funds until revenue reliability is confirmed; the budget contains no tax increases and funds both ongoing and one-time priorities.
Governor Michael O. Leavitt on the floor of the Utah Legislature outlined a budget built on $201,000,000 in newly available revenue and proposed what he called a “boom buffer” to prevent temporary construction-driven gains from becoming permanent obligations. “I call this financial tool a boom buffer,” Leavitt said, explaining the state would reserve part of growth revenues until those receipts prove sustainable.
Leavitt said the revenue picture allows…
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