Governor Gary Herbert talks at the Economic Review Jan. 12, 2012. Herbert said Utah ended the the 2012 budget year with an $85 million surplus.
Joey Ferguson, Deseret News archives
SALT LAKE CITY — Utah ended the the 2012 budget year with an $85 million surplus, Gov. Gary Herbert said Tuesday.
After automatic transfer to several funds, state lawmakers will have an extra $46 million to spend when the Legislature convenes next January.
“We are certainly encouraged by the additional revenue and plan to use this surplus in the coming budget to strengthen Utah’s economy and fund education,” Herbert said in a statement. “Although too many Utahns are still hurting, our economic progress has been steady and is outperforming many other states."
The surplus is the result of higher than expected sales tax revenue, liquor profits, and corporate and individual income tax collections. It includes $11 million in the general fund and $35 million in the education fund.
The bulk of the remaining dollars are automatically transferred to the Rainy Day Fund with the Disaster Recovery Fund and the Industrial Assistance Fund also receiving portions.
E-mail: romboy@desnews.com Twitter: dennisromboy
DeseretNews.com encourages a civil dialogue among its readers. We welcome your thoughtful comments.
— About comments
Dennis Romboy is a reporter for Deseret News where for the past 20 years he has covered a variety of beats including state and local government, human services and the 2002 Olympics. He spent six years as a special more ..
- Davis County honor student arrested in deaths...
- Man charged with killing Ogden officer found...
- Steven Powell can't go back to his home,...
- Provo couple killed in RV accident near St....
- Letters to family show Steven Powell still...
- Josh Powell made 'admission of guilt' in...
- Utah ranks No. 1 for economic outlook for...
- LDS official speaks at Boy Scouts of America...
Subscribe
Mobile
RSS
- Chaffetz not willing to take...
70 - Mia Love announces she's officially... 43
- S.L. draws up airport plans 33
- Man charged with killing Ogden officer... 30
- Couples registry gets preliminary nod... 29
- XanGo co-founder accuses partners of... 25
- 'We're here to serve all boys,' Utah... 23
- Search for Susan Cox Powell is over,... 21
At least part and maybe all of that money needs to go back into the rainy day fund.
When the whole country crashed and most states had catastrophic deficits, UTAH had a rainy day fund and came through relatively intact.
Fiscally More..
This should NEVER be seen as the "legislature having another $46 million to spend" but rather proof that our essential needs have been met, and that Utah taxpayers have been charged too much, and that rates will be adjusted to allow them to More..
Half to rainy day fund, half gets returned to taxpayers. No bonus spending sprees.