Sep 13 2006
Salt Lake City - Governor Jon Huntsman announced today Utah has record budget surpluses, with $380 million in additional money from fiscal year 2006 which ended June 30. An additional $84 million has been generated in the General Fund and $215 million in the Uniform School Fund, the rest was allocated to reserve accounts.
"Utah's economy is hot and we are all benefiting," Governor Huntsman said. "Education funding, economic competitiveness and our State's transportation infrastructure are all integral components of continuing Utah's economic prosperity. This record growth will further our efforts to make Utah more competitive while maintaining our unmatched quality of life."
According to the Division of Finance, the revenue growth for fiscal year 2006 (July 1, 2005 to June 30, 2006) outpaced projections in both the General and Uniform School funds. The surpluses are gauged after $22.4 million was allocated to the General Fund reserve account and $56 million was allocated to the Uniform School Fund reserve account. The transfers were based upon the relative surpluses.