Lyle Hillyard re: New Revenue Estimates
By Senator Lyle Hillyard
Senate Chair of Exec Approps
The numbers are in. Here’s the PDF.
You can hear Senator Hillyard, President Waddoups, Majority Leader Jenkins, and Minority Leader Romero discuss the new numbers here:
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Synopsis: We ended FY 2011 with $31M more than we spent. That becomes 1-time money for the next year. Our November revenue estimates indicated Utah would have $216M more in FY 2012 than we had in FY 2011. Today’s estimate raises that prediction by $47M, for a total of a $263M increase ongoing revenue. Of the $263M increase, $96 is General Fund and $167 is Education Fund.
That’s welcome news. Perhaps the brightest point is that our projected income tax revenue is increasing. That means that people are working, creating personal income.
Keep in mind, we’re plugging ongoing holes with one-time money to the tune of $313M per year (a.k.a. the Structural Imbalance). That needs to be fixed. Plus growth in our student population and demands on Medicaid will eat up a large chunk of the new money.
Work continues. Stay tuned.
If you still haven’t had enough yet here is Senator Hillyard’s presentation on the Senate Floor:
[...] This post was mentioned on Twitter by Utah State Senate, utahpolitics. utahpolitics said: RT @utahsenate: Lyle Hillyard re: New Revenue Estimates http://bit.ly/iaoqt9 #utpol [...]
[...] The numbers are in. Here’s the PDF. You can hear Senator Hillyard, President Waddoups, Majority Leader Jenkins, and Minority Leader Romero discuss the new numbers here: Synopsis: We ended FY 2011 with $31M more than we spent. That becomes 1-time money for the next year. Our November revenue estimates indicated Utah would have $216M more in FY 2012 than we had in FY 2011. Today’s estimate raises that prediction by $47M, for a total of a $263M increase ongoing revenue. Of the $263M increase, $96 is General Fund and $167 is Education Fund. That’s welcome news. Perhaps the brightest point is that our projected income tax revenue is increasing. That means that people are working, creating personal income. Keep in mind, we’re plugging ongoing holes with one-time money to the tune of $313M per year (a.k.a. the Structural Imbalance). That needs to be fixed. Plus growth in our student population and demands on Medicaid will eat up a large chunk of the new money. Work continues. Stay tuned. http://www.senatesite.com/home/revenue-estimates/ [...]
[...] Senate Site are still going strong. Today, we’ll speak with Senator Lyle Hillyard about the budget announced today, what we can expect in the final few days, and what comes next for his (much hated on here at KVNU [...]
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