Utah ends fiscal year with $85M revenue surplus
SALT LAKE CITY (AP) — Utah Gov. Gary Herbert says the state ended the fiscal year with a revenue surplus of $85 million in the general and education funds.
He announced the good news in a statement Tuesday afternoon.
After automatic transfers, an extra $46 million in one-time funds will be available to the 2013 state legislature. That includes $11 million for the general fund and $35 million for the education fund.
Herbert says too many Utah residents are still hurting but expressed hope that Utah's economic progress has been steady and is outperforming many other states.
The surplus is a result of higher than expected sales tax collections, liquor profits and corporate and individual income tax collections.
Automatic transfers will be distributed to a Rainy Day Fund, Disaster Recovery Fund and Industrial Assistance Fund.