Utah’s General and Education Fund revenue collections for the first nine months of fiscal year 2021 slightly lag projected full-year growth rates. Through March, General and Education Fund collections have grown by 26.3% compared with an expected 27.9% for the fiscal year* as a whole.
Should this -1.6% differential remain unchanged in the remaining three months of fiscal year 2021, Utah would have a $148 million General and Education Fund deficit at fiscal year-end. However, legislative economists expect collections will accelerate in the next three months as corporations and individuals pay income taxes in April and May. This is in contrast to last year when final payments weren’t made until July 15 – after fiscal year 2020 ended.
Transportation Fund revenue collections for the first three quarters of the year are currently up only 2.8%, significantly trailing behind full-year projections of +5.6%. However, last year fuel sales in the fourth quarter of fiscal year 2020 dropped due to stay-at-home orders. Economists expect the year-over-year difference in motor fuel collections will accelerate in the next three months.
*Utah’s fiscal year runs from July 1 to June 30.