More Budget Surplus for the State, but Nothing Like Last Year's $1B Record

None by KCPW

(KCPW News) Utah's booming economy has registered an even larger windfall than expected this year. Revenue for general projects and education spending could end up be as much as 260-million dollars higher than budget officials previously anticipated. But House Republican Budget Leader Ron Bigelow puts the news in perspective:

"The surpluses we're talking here aren't even a 10th of what we had last session," says Bigelow. "Now we still believe that we're going to have revenue growth and some surpluses - nothing like last year - but still we'll be able to meet needs and provide for some growth in programs."

Bigelow thinks it's unlikely the state will ever see a surplus like last year's, which hit an all-time high of more than one billion dollars. In addition to a strong surplus, the latest projections also forecast a slight slowing in job and income growth for the state's economy. Even with the slowing, Utah's rates will continue to surpass the national average, and budget officials expect the Beehive State economy to remain among the best in the nation next year.

Email to a friendPosted in KCPW Newsroom, Legislative Coverage, and 2007 Legislative Coverage. Copyright 2008 KCPW