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Utah lawmakers hear revised revenue estimates, leave state roughly "flat" for FY23–FY24
Summary
Representative Peterson told the House updated revenue estimates leave the state with roughly $11.7 billion in FY2023 and $11.8 billion in FY2024 in combined general and income tax revenue, with about $410 million ongoing and $817 million one‑time available for allocation.
Representative Peterson delivered updated revenue projections to the Utah House on Feb. 20, telling lawmakers the state’s combined general and income tax revenue for the current cycle is largely unchanged from prior estimates.
Peterson said the estimates included modest, offsetting adjustments: he reported an unspecified one‑time upward adjustment and an ongoing downward revision and summarized totals of $11,700,000,000 for fiscal 2023 and $11,800,000,000 for fiscal 2024 in combined general and income tax revenue. "After all that's said and done, that leaves us, about where we started in December's executive appropriations committee," he said, adding that the Legislature has roughly $410,000,000 in ongoing funds and $817,000,000 in one‑time funds available for allocation.
Peterson described the state’s process for producing revenue estimates as collaborative, involving the legislative economist, the governor's Office of Management and Budget, and the Tax Commission. He said the estimates reflect both one‑time and ongoing adjustments and emphasized the net effect was that the state's revenue outlook remains essentially flat compared with the November forecast.
Lawmakers responded with brief acknowledgement and moved on to other calendar items; Representative Peterson noted the figures as the basis for forthcoming budget discussions in the session.
