State leaders announce year-end revenue numbers
Small surplus a result of healthy economy, accurate forecasting
SALT LAKE CITY (Oct. 19, 2016) – On Tuesday, state leaders announced that budget forecasters accurately projected the State of Utah's 2016 revenue collections. Utah ended Fiscal Year 2016 with $18.7 million unspent. $13.7 million of that amount is automatically deposited into various state funds, such as the rainy day fund. Following the deposit available budget reserves were $519 million - the highest amount in history - plus an additional $23 million in reserves for natural disasters.
“In Utah, we live within our means, balance the budget every year and save for a rainy day,” Gov. Gary R. Herbert said. “It is through prudent fiscal policies that we continue to lead our nation with one of the best performing economies and an unsurpassed quality of life.”
“This small but symbolic surplus is the result of Utah’s consistent revenue growth - this year it was 3.2 percent or $185 million,” President Wayne Niederhauser said. “The ability of our staff to forecast with this degree of accuracy 18 months out is nothing short of amazing.”
“Utah's economy continues to show strength and growth,” Speaker Greg Hughes said. “This is a result of the hard work and success of the men, women and businesses of this state. Our ability to fund critical state priorities is only made possible when economic opportunity is available to everyone. The people of Utah have much to be proud of and we as state lawmakers are grateful for Utah's legacy of industry and grit!”
In coming months, the state forecasting team will re-estimate revenues for the current year (FY 2017) and issue initial estimates for the coming budget year (FY 2018).
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ATTACHMENTS:
1. Utah Legislature Revenue Update (Oct. 18, 2016)
2. State of Utah Financial Highlights (June 30, 2016)
