Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate backs constitutional amendment to create flexible trust for excess severance taxes after extended debate
Summary
The Utah Senate approved Senate Joint Resolution 2, a constitutional amendment proposal to create a new trust to hold severance-tax surpluses and let the Legislature invest those funds for long-term purposes; debate centered on what revenue qualifies, voting thresholds to deposit funds and the balance between saving and current spending.
The Utah Senate voted to approve Senate Joint Resolution 2, a proposed constitutional amendment that would allow the state to set aside surplus severance-tax revenue in a second trust fund and use investment income for general‑fund purposes under rules the Legislature would later set.
Senator L. Hilliard, sponsor of the resolution, framed the measure as long-term planning: "we're talking some long term planning," he said, arguing the state should build a reserve to address future needs such as water and roads and grow the state school trust. Hilliard said bond counsel advised a rainy‑day reserve at about 5 percent of the budget (roughly…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
