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.