The state official responsible for Gov. Norm Bangerter's $3.5 billion budget said the lower-than-expected revenue projections are nothing to worry about.
"It's like the economy is going 60 mph instead of 65," state budget director Dale Hatch said. "Collections are not quite as strong for the last couple of months. But the economy is still doing well."Hatch said his assessment of how the past quarter's tax receipts will affect projected revenue over the next 18 months is within $1 million of legislative fiscal analyst Leo Memmott's estimates.
Memmott sent lawmakers scrambling Monday by announcing that the state would fall more than $33 million short of the amount of money that the governor wants to spend.
"People take that to mean the sky is falling, etc., etc., etc.," Hatch said of the latest revenue projections, which are actually less than 1 percent below what Hatch himself predicted late last year. "It doesn't mean that at all."