December 2022 Archive

Too Blessed to be Stressed: Utah Fares Well in 2023 Budget Stress Test

In 2016, the Utah Office of the Legislative Fiscal Analyst (LFA) and the Governor’s Office of Planning and Budget (GOPB) conducted their first stress testing exercise, following the passage of the Dodd-Frank Act of 2010 during the Great Recession that required banks to conduct stress tests. The utility of this exercise resulted in the passage […]

December 30, 2022

New Performance Measurement and Efficiency Improvement Initiative Wraps Up Its First Year

In the 2021 General Session, the Legislature passed H.B. 326, “Performance Reporting and Efficiency Requirements,” which codified and expanded performance measurement and created an efficiency improvement process for operations at state agencies. The legislation was novel in that it requires extensive collaboration across the legislative and executive branches of government, including between the Office of […]

December 23, 2022

Revenues Still Merry, and Fiscal Reserves Appear Bright

On December 15th, 2022 the Tax Commission released their revenue summary through the first five months of the fiscal year. Along with that summary, the Legislative Fiscal Analyst and Governor’s Office of Planning and Budget released their monthly Revenue Snapshot, detailing collections in comparison to the consensus forecast. Through November, revenues to all state funds […]

December 16, 2022

LFA Releases Governor’s Budget Summary

Last week, Governor Spencer Cox released his budget recommendations for FY 2023 – FY 2024, announcing Tax and Education items on December 9th with the full budget following on December 10th. While Utah’s constitution makes budgeting a plenary power of the Legislature, past legislators delegated power to the Governor to recommend budget changes through the […]

December 13, 2022

The Numbers Are In: LFA Releases the 2022 Medicaid Consensus Forecast

Background Medicaid is a federal and state program that pays for medical services for low-income, disabled, and elderly individuals. In order to qualify, individuals must meet specific eligibility requirements. Officially, Medicaid is an “optional” program, meaning it’s one that a state can elect to offer. However, if a state chooses to offer Medicaid, then it […]

December 9, 2022

Getting Schooled on Education Funding

In the fall of 2022, the Common Data Committee for Public Education Appropriations gathered to determine enrollment estimates for FY 2024 (2023-2024 School Year) and weighted pupil units (WPUs). The goal of the informal committee is to agree to a consensus projection of future year growth and spending that balances the various models used by […]

December 2, 2022