SALT LAKE CITY - Preliminary figures indicate Utah's budget deficit for Fiscal Year 2010 will be just under $28 million - well below previous forecasts.
"These latest numbers are yet one more sign that Utah's economy is turning the corner," Governor Gary R. Herbert said. "This is good news, and shows that Utah continues to lead the nation in prudent fiscal management, careful budgeting and positive response from the private sector."
Previous revenue forecasts indicated a potential FY2010 deficit between $50 million and $150 million. The amount has now been revised to approximately $28 million, and is largely the result of careful spending by State agencies and strong corporate earnings.
"While a $28 million shortfall certainly isn't where we want to be, it shows that our efforts have positioned us much better than we anticipated even a few months ago," the Governor said. "As other states face massive shortfalls, and are being forced to sell off state assets and rely on federal money just to balance their budgets, Utah continues its tradition of strong fiscal management.
The Governor praised State agencies for limiting spending over the past six months and finding innovative ways to save money, a key factor to the more positive figures.
"Departments are, in fact, doing more with less. It hasn't been easy, but our agency heads have made difficult decisions that have allowed them to continue to fulfill their missions and deliver state services with significantly reduced budgets," Governor Herbert said.
Final, audited Fiscal Year 2010 numbers will be available in November from the Governor's Office of Planning and Budget.