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Friday, February 10, 2006

$479 Million Dollars

Lyle Hillyard – Senate Chair of Executive Appropriations – reviewed some budget numbers in our caucus meetings yesterday.

We thought you, gentle reader, might want to review them as well.

Here are the ongoing revenue figures we discussed in caucus.

It might be helpful to hear Senator Hillyard's explanation as you go over the details:
Listen to the Budget Junkie Version (MP3)

Listen to the Short Attention Span Version (MP3)

At this point we anticipate bringing in a total of $577.6 million in ongoing revenue for the next fiscal year ($341.8 Million for education and $235.8 Million for everything else).

We've already committed $98.4 million to base budgets (SB1 and SB3). This leaves $479.2 million to cover all tax cuts, fiscal notes on various bills and every other desperate need appropriate for the state to fund.

$479.2 million should be more than enough, right?

Dust off your calculator.

Subtract $87.3 million - the amount the state will need to set aside for health insurance and retirement costs.

The Utah Senate is working for a $100 Million tax cut (a combination of income tax and sales tax reductions). That amount will have to be subtracted from the total.

The House and Senate Transportation Committee has committed to spending $200 Million on the state’s transportation needs.

Teachers and other public employees need and deserve a pay increase. That will cost around $128.4 Million.

Appropriations Subcommittees have submitted a prioritized list (see pages 2 - 4 of the caucus figure sheet, also linked above) of things they feel need to be funded. Those recommendations add up to $221.63 Million.

Finally, many bills with ongoing fiscal notes are working their way through the process. If all the good ones pass - and they’re all good, just ask the sponsors – the state will pay around $100 Million.

It’s time for a little reality check

Revenues are up but the state will not have the money to fund every worthy request. Utah Legislators will hammer out a balanced budget – and are going to make some very difficult decisions in the weeks ahead.


Blogger The Senate Site said...

Ancillary issues can attract much more attention, but these budget decisions are the real meat and substance of the legislative session.

Deseret News: “It’s amazing how fast $1 billion can disappear.”

Daily Herald: A $100 million tax cut would leave Utah lawmakers with just $92 million in the surplus to fund new and expanded state programs -- about 25 percent of what's been requested for state priorities, according to an analysis released Thursday.

2/10/2006 8:38 PM  
Anonymous Anonymous said...

Hopefully many of the current bills won't get passed. We already have more government than we want (unless your paycheck comes from the UEA or the state of Utah).

Another way to save money would be to eliminate some of the existing programs.

Cache Valley

2/11/2006 12:34 PM  
Anonymous Anonymous said...

Read "Undecided".

2/11/2006 8:06 PM  
Anonymous Anonymous said...

Why do I see Utah Valley State College in this budget so many times and Utah State University so few times? I'm really getting tired of the way the Senate treats USU, one of Utah's tier one research universities. USU cannot be expected to deliver on it's land grant mission when the legislature continues to treat it like the "bastard son at the family reunion." C'mon folks, this is one of the top research universities in the country. Let's treat it with some dignity and respect. I'm not saying we need huge salary increases, but just keeping pace with everyone else would be nice.

2/13/2006 3:25 PM  

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