NEWS RELEASE: LEGISLATURE AND GOVERNOR'S OFFICE RELEASE UPDATED BUDGET ESTIMATES

Statement

Today, the Governor's Office and Utah State Legislature released revised revenue numbers for state fiscal year (FY) 2023-24. Utah's economy is in a strong position, ranking as the best state for economic outlook for 15 years in a row. However, the country is experiencing increased risks and volatility, with predictions of economic slowdowns.

Utah continues to manage its affairs well. While the new revenue growth reflects the ongoing momentum of the state's economy, Utah has a history of prudent, smart planning for future downturns. Fiscally conservative policies and forward-thinking rainy-day funds enable the state to navigate economic uncertainties successfully, provide hundreds of millions of dollars in tax relief to Utahns, and continue to fund education at historic levels.

However, state leaders cannot ignore the federal government's out-of-control spending, climbing interest rates, soaring inflation and company layoffs. The state budget will reflect prudent policies and meet current and future needs by making strategic investments, including funding education, investing in statewide infrastructure and water needs, allocating money for rainy day reserves and reducing taxes for Utahns.

During the 2023 General Session, policymakers are tasked with deliberating on the estimated $817 million in one-time and $410 million in ongoing money combined in the General and Income Tax Funds, after accounting for base budget adjustments and set-asides.

"Thanks to our strong economy, these numbers show Utah can safely cut taxes and make major investments in water, education, housing and infrastructure," Gov. Cox said. "Still, high inflation and increasing interest rates signal we should proceed cautiously. We're grateful the Legislature shares our commitment to fiscal responsibility."

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