Governor Huntsman Announces a $104.8 Million Surplus for FY 2005News Release
September 08, 2005
Salt Lake City, Utah -- Governor Jon M. Huntsman, Jr., today announced the state of Utah finished the 2005 fiscal year, which ended June 30, with a preliminary one-time surplus of $104.8 million*. This total includes a General Fund surplus of $24.6 million, or 1.31% of the General Fund budget, and a Uniform School Fund surplus of $80.2 million, or 4.27% of the Uniform School Fund budget. The surplus is the result of higher than expected sales tax and individual income tax revenues. This surplus represents the total after statutorily mandated transfers to the Rainy Day Fund and other miscellaneous obligations. "The numbers indicate that the Utah economy is strong and vibrant," said Governor Huntsman. "We will consider the most efficient uses for this one-time surplus as we begin the budget process in the coming month." In addition to the surplus noted above, $31.7 million was transferred to the General Fund Rainy Day Fund, bringing its balance to $105.6 million. The Uniform School Fund Rainy Day Fund's balance was increased with a $26.7 million transfer, making its balance $40.2 million. Also, state law required $3.2 million be set aside for the Industrial Assistance Fund, and that $4.0 million be appropriated to the Tourism Marketing Performance Account. This surplus will not be available for use until appropriated by the legislature in the 2006 General Session. *The state auditor will review the surplus and the total is subject to change.