Utah officials have announced the results of the state budget of the 2018 fiscal year and how the budget and economy have faired throughout the year.
Phil Dean, the budget director and chief economist with the governor’s office of management and budget said the goal is to plan ahead for any problems that could impact the state’s budget.
“If you look at the history we’ve consistently ended with a surplus, sometimes bigger than others,” Dean said. “But we do try to use prudent budgeting principles by conservatively estimating on both the spending side and the revenue side.”
This year Dean said the Division of Finance will deposit $107 million into state reserve accounts and the Industrial Assistance Fund. After accounting for these transfers, the division estimates there will be close to $158 million in additional, one-time revenue available from the fiscal year 2018. That will be $8 million in the general fund and $150 million in the education fund.
For example, Dean said funds from the one-time revenue could include improvements to buildings instead of on-going programs. How those funds will be used will be decided in the upcoming legislative session.
“Utah is consistently ranked as one of the top states in terms of managing its budget,” Dean said.
$6 million went into the general rainy day fund according to Dean. $65 million into the education rainy day fund, $30 million into the Medicaid rainy day fund and $6 million into various other funds.