The Utah State Capitol building in Salt Lake City. Photo: TownLift // Bailey Edelstein

SALT LAKE CITY — The Governor’s Office and Utah State Legislature released revised revenue numbers for the 2023-24 fiscal year on February 21.

Utah’s economy has been ranked as the best state for economic outlook yet again by U.S. News & World Report, but according to a press release from the Office of the Governor, strategic investments and prudent policies will be necessary in the upcoming fiscal year to combat the federal government’s “out-of-control spending, climbing interest rates, soaring inflation and company layoffs.”

“Thanks to our strong economy, these numbers show Utah can safely cut taxes and make major investments in water, education, housing and infrastructure,” Gov. Cox said in a press release. “Still, high inflation and increasing interest rates signal we should proceed cautiously. We’re grateful the Legislature shares our commitment to fiscal responsibility.”
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Other members of the Legislature share in Cox’s optimism for the upcoming fiscal year, but have also expressed the need for fiscal conservancy to prepare for a potential nationwide economic downturn.

“Utah is and has been recognized as a safe harbor in global economic uncertainties,” President J. Stuart Adams said in a press release. “Our strong economy allows us, for the third year in a row, to cut taxes and fund education at record levels, even during a pandemic and with a slowing economy, while making generational investments. Additionally, ongoing tax revenue is being spent on one-time projects, resulting in a significant working rainy day fund that no other state has, positioning Utah to best navigate economic downturns.”

“Utah continues to have one of the strongest economies in the nation,” Speaker Brad Wilson said in a press release. “However, we can never be too cautious and prudent as we plan for the upcoming fiscal year. We remain optimistic and will make significant, generational investments in perennial areas such as water, housing, transportation, and education.”

During the 2023 General Session, policymakers deliberate on the estimated $817 million in one-time and $410 million in ongoing money combined in the General and Income Tax Funds, after accounting for base budget adjustments and set-asides.

Utah’s budget will be finalized by the Legislature before the legislative session adjourns on March 3. The 2023-24 fiscal year will begin on July 1, 2023.

General Fund revenue changes: