March 2023 Archive

Last December, Legislative economists presented their findings from the 2022 Budget Stress Testing exercise to the Executive Appropriations Committee in a report jointly prepared with the Governor’s Office. Stress testing is one part of the long-term fiscal sustainability analysis required under UAC 36-12-13. In a three-year cycle, the Office of the Legislative Fiscal Analyst is […]

Earlier this week, the Tax Commission released their Revenue Summary (TC-23) for March, detailing collections through March 7th, 2023. The Office of the Legislative Fiscal Analyst and Governor’s Office of Planning and Budget jointly released their revenue snapshot, summarizing monthly revenue in contrast to yearly forecasts. Through the first eight months of the fiscal year, […]

The Utah Legislature concluded its 2023 General Session with a budget of $29.4 billion for fiscal year 2024. The budget includes $14.6 billion from state funds (General Fund, Income Tax Fund, Uniform School Fund) and $170 million from the federal American Rescue Plan Act (ARPA). Top legislative budget priorities included state fund investments in:                                 As […]