These estimates of future tax collections establish a target for budgeting, as required by UCA 36-12-13(2)(a). Forecasts are developed in consensus with private sector consultants, the Governor’s Office of Planning and Budget, and the Utah State Tax Commission. Point forecasts are made in December and February, with ranges updated in June and October. Estimates are also used to draft the monthly Revenue Snapshots. These snapshots provide regular updates on the state’s revenue collections, note whether collections are above or below target, and provide the macroeconomic context through which to interpret collections.
January 30, 2024