SALT LAKE CITY (ABC4) — Utah has reportedly ended the 2022 fiscal year with a revenue surplus to appropriate during the 2023 General Session. According to the Utah Governor’s Office, State leaders will have an additional $130.2 million in the General Fund and $1.235 billion in the Income Tax Fund.
The funds come from economic volatility and income tax final payments associated with the stock market and real-estate capital gains in 2021, which state leaders say, “are considered an anomaly.” Governor Cox, President Stuart Adams, and Brad Wilson attributed an optimistic economic forecast to strong fiscal policy and an “entrepreneurial spirit.”
“Many anomalies, including unparalleled federal funding, have led to surplus revenue,” the three said in a joint statement. “State leaders will use caution in spending these funds. We remain committed to fiscal responsibility as we seek to fund projects that will serve our state now and for generations to come.”
The revenue surplus will be appropriated by state leaders alongside automatic deposits in the General Rainy Day Fund ($37.7 million), Income Tax Rainy Day Fund ($5.1 million), and Disaster Recovery Fund ($25.5 million).
State officials said the funds will be spent with a careful emphasis on fiscal responsibility, including the use of “one-time money on one-time costs.”