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Salt Lake City — Utah Gov. Gary R. Herbert today announced today that Utah ended Fiscal Year 2013 with a revenue surplus of $242 million, all in education funds (EF).
“Utah’s steady economic progress is evident on several fronts—job creation, a dropping unemployment rate, and additional revenues for the State,” Herbert said.
More than twice the Fiscal Year 2012 surplus ($99 million), this year’s surplus is the result of taxpayers accelerating income into calendar year 2012, which is the state’s Fiscal Year 2013, to avoid higher federal tax rates in calendar year 2013.
From the surplus, approximately $120 million will be transferred to the Education Fund Budget Reserve Account, known as the Education Rainy Day Fund. After automatic transfers, an extra $122 million in one-time monies will be available to appropriate in the 2014 General Session of the Utah State Legislature.
With the statutory transfer from surplus and additional appropriated funds, the combined GF/EF Rainy Day Fund balance is now over $400 million, up from $277 million last year.