Good news: Utah's economy is strong and revenues are increasing.
Our economists delivered final budget numbers to the Senate, the House and the Governor's Office this afternoon. Those of you following the math should add some numbers to our budget equation
.Ongoing revenue is up an additional $63.2 million.
$34.5 million of that is slated for Education and $28.7 million will go into the General Fund for FY 2007. We can use this money for tax cuts, education, economic development, transportation, etc.We will also have an additional $68.9 million in one-time money.
$33.5 million for Education and $35.4 million for the General Fund.
Here are a couple PDF docs for the economists, insomniacs and historians among us:
Key Economic Factors Driving Tax Revenues
While this is a welcome indicator of a robust local economy, it isn’t enough extra income to warrant throwing away our calculators. Senator Hillyard’s numbers
showed us we will need to make some very sober budget decisions in the next two weeks.
Keep paying attention.