The Governor's Office of Planning and Budget (GOPB) released new consensus revenue figures today indicating the State anticipates $128 million in new one-time revenue and $280 million in new ongoing revenue.
"When you consider what is happening nationally or in other states, the steady drum beat of positive economic news in Utah is certainly encouraging," said Governor Gary R. Herbert. "What we are doing - cultivating a business friendly environment, keeping energy costs low, aligning educational outcomes with employer needs - is clearly working."
In their quarterly report to the Governor, GOPB highlights four key economic indicators, including employment, unemployment, wages and retail sales. All four areas are expected to improve in 2012, and even more significantly in 2013.
"Utah's balanced and fiscally conservative approach to growing Utah's economy is resulting in more job and wage growth. This means more revenue for our schools and other critical state priorities." said Ron Bigelow, the Governor's budget director and head of GOPB.
The Governor is expected to release his proposed budget in the next few weeks. It comes on the heels of the State's latest economic accolade. Last week, for the second consecutive year, Forbes named Utah the best state for business and careers.
The consensus revenue figures are agreed upon by GOPB, the Legislative Fiscal Analyst, and the Utah Tax Commission.