Utah Registers $380 Million Budget Surplus for Fy-2006
Gov. Jon Huntsman has announced that Utah registered record budget surpluses at the conclusion of fiscal year 2006, with $380 million in additional money in the state coffers.
The state's fiscal budget year ended June 30.
An additional $84 million has been generated in Utah's general fund and $215 million in the state's uniform school fund, the rest allocated to reserve accounts in the budget.
"Utah's economy is hot and we are all benefiting," pointed out Huntsman. "Education funding, economic competitiveness and our State's transportation infrastructure are all integral components of continuing Utah's economic prosperity. This record growth will further our efforts to make Utah more competitive while maintaining our unmatched quality of life."
According to the Utah Division of Finance, the revenue growth reported for the one-year period from July 1, 2005 to June 30, 2006 outpaced projections in both the general and uniform school funds.
The surpluses are gauged after $22.4 million was allocated to the general fund reserve account and $56 million was allocated to the uniform school fund reserve account, explained the finance division. The transfers were based upon the relative surpluses.