Ready for a rainy day: Utah lauded for approach to managing volatility

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  • Redshirt1701 Deep Space 9, Ut
    July 17, 2014 11:52 a.m.

    To "Joe Schmoe" what do you mean Utah is last for spending on education. According to "Utah 10th for percentage of budget spent on education" in the DN, there are only 9 states that spend a larger portion of their state budget on education.

    To "Kings Court" how do you know that the money funding the rainy day fund came from income taxes? According to UtahEducationFacts, only 55% of the money spent on education comes from income taxes. It could have come from sales taxes, property taxes, or any number of other taxes that we pay.

  • dave31 Salt Lake City, UT
    July 16, 2014 5:52 p.m.

    Olene was still in the State Legislature when the Rainy Day Fund was established.

  • Kings Court Alpine, UT
    July 16, 2014 5:09 p.m.

    The Rainy Day fund is also used to launder money that is constitutionally earmarked for education (income tax) and shift it to the general fund. We saw this with the National Park shut down last fall. During the recession, education desperately needed to tap into the rainy day fund. Apparently it wasn't enough of a rainy day. Then came along the National Park shutdown and in less than a week, a rainy day was declared and the rainy day fund was tapped to pay for the opening of the parks. I think I said enough now, but my question is this? Money set aside from income tax (education dollars) will never be put back into education no matter how hard the downpour, so why can it so easily find a home in non-educational expenditures such as funding the National Parks in October? That money was specifically earmarked for education, but the rainy day fund is set up as instrument to skirt that requirement. Spend less on education, siphon the money to a rainy day fund, and transfer it to the general fund. Genius!

  • Chris B Salt Lake City, UT
    July 16, 2014 4:15 p.m.

    Joe Schmoe,

    You'd be happy if Utah spent the most and had the worst prepared kids. As is, Utah spends last in per pupil and has average kids in most educational rankings. So clearly, money isn't the main indicator of academic success.

    But I know its hard to do anything but "spend spend spend" as is barack's motto.

  • Government OF the people... Abe Kaysville, UT
    July 16, 2014 4:01 p.m.

    Do you know who we have to thank for proposing the idea of a "rainy day" fund?

    Olene Walker!

    The same Olene Walker who replaced Mike Leavitt as governor, but who "wasn't conservative enough" to become the Republican nominee the following term. No, the candidate who truly was the most "conservative" thinker was ousted by the hard-right conservatives. Now as we watch her proposed policies play out, we reflect and are grateful for her glimpse into the future, and her extremely "conservative" outlook! I wish that some in our party had more than half a brain and could see the big picture.

    Thanks, Olene! :) Wish she'd run again, but I am sure she is loving too much what she is doing now.

  • Joe Schmoe Orem, UT
    July 16, 2014 3:51 p.m.

    Rainy day fund vs. lowest spending on education. I just wish we could have both.

  • Chris B Salt Lake City, UT
    July 16, 2014 3:13 p.m.

    With such a conservative leadership, its not surprise Utah is often lauded as one of the most well run states from a fiscal perspective.

    Barack could learn a thing or two.