Revenue Report

Utah estimates the state’s future tax revenues using a consensus approach. It is undertaken by the Utah’s Revenue Assumptions Working Group – a collection of economists and experts from the Governor’s and Legislature’s staff, the State Tax Commission, and state academic institutions and departments.1 This approach is not the way all states estimate revenue. In other states, such as New Jersey, the Governor’s staff creates one revenue estimate and the legislature’s staff creates a differing … Continued

In our upcoming Revenue Report we will examine recent projections for Utah and how they compare to eventual outcomes.       [1] Utah Constitution, Article XIII, Section 5, Use and amount of taxes and expenditures. [2] Utah Governor’s Office of Planning and Budget, Utah’s Budget Process, https://gopb.utah.gov/budget-operations/utahs-budget-process/ [3] Utah Governor’s Office, News Release: Legislature and Governor’s Office Release Updated Budget Estimates, February. 21, 2023, https://governor.utah.gov/2023/02/21/news-release-legislature-and-governors-office-release-updated-budget-estimates/. And Executive Appropriations Committee, Revenue Estimates – February 2023 … Continued

The State will be re-forecasting revenues after one more monthly collections report – due in the middle of February. Legislators will consider these numbers before making final budget decisions for the 2023 General Session. Interestingly, if the current growth rates were to hold throughout the remainder of the fiscal year (June 30th), the state would end the year with $1.9 billion more than forecasted. In this edition we highlighted how actual revenues can sometimes far … Continued