LOCAL NEWS

Utah ends financial year with more than a $1 billion surplus

Nov 15, 2022, 4:46 PM | Updated: 4:49 pm

Utah Capitol...

Utah Capitol in Salt Lake City is pictured on Sunday, Sept. 11, 2022. (Scott G Winterton, Deseret News)

(Scott G Winterton, Deseret News)

SALT LAKE CITY — Lawmakers will have hundreds of millions of unexpected dollars to spend in the upcoming session after the state ended the 2022 fiscal year with a $1.235 billion surplus in the Income Tax Fund and another $130.2 million in the general fund.

That’s not all; automatic deposits to Utah’s General Rainy Day Fund added up to $37.7 million and the Income Tax Rainy Day Fund generated another $5.1 million.

Word of this windfall was included in a news release from Utah Gov. Spencer Cox, Utah Senate President J. Stuart Adams, and Utah House Speaker Brad Wilson.

“Strong fiscal policy and Utah’s entrepreneurial spirit have created an optimistic economic forecast for our state. Many anomalies, including unparalleled federal funding, have led to surplus revenue,” The joint statement read. “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 statement added lawmakers will emphasize fiscal responsibility when ear-marking the money, particularly in using the one-time money for one-time costs.

The 2023 general session of the legislatures starts on January 17, 2023.

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Utah ends financial year with more than a $1 billion surplus