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Gov. Gary R. Herbert formally announced that the State of Utah ended Fiscal Year 2012 with a revenue surplus of $85 million in the General and Education Funds. After automatic transfers, an extra $46 million in one-time monies will be available to appropriate in the 2013 General Session of the Utah State Legislature.
“We are certainly encouraged by the additional revenue and plan to use this surplus in the coming budget to strengthen Utah’s economy and fund education,” said Herbert. “Although too many Utahns are still hurting, our economic progress has been steady and is out-performing many other states. Utah’s economy is clearly getting stronger as we continue to add much needed jobs.”
The total includes a General Fund surplus of $11 million and an Education Fund surplus of $35 million. The surplus is the result of higher than expected sales tax collections, liquor profits, and corporate and individual income tax collections.
Automatic transfers from the total available will be distributed to the Rainy Day Fund ($45.5 million), the Disaster Recovery Fund ($5.2 million), and the Industrial Assistance Fund ($1.9 million). Specific totals are preliminary and subject to minimal adjustment as state agency year-end budgets are finalized.