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Utah Legislature runs out of money early, but tax cuts are still "on the table."
Utah lawmakers were warned Wednesday that the state's surplus revenue is effectively spent, with updated budget estimates showing a roughly $100 million dip in tax receipts from provisional figures in October.
The Utah Senate meets in the Capitol on Wednesday, Feb. 19. CAPITOL HILL—Utah lawmakers were warned Wednesday that the state's surplus revenue is effectively spent, with updated budget estimates showing a roughly $100 million dip in tax receipts from provisional figures in December.
While the state's economy grew by approximately 3.5% last year, the bulk of new revenue generated by that growth—which deposited hundreds of millions of dollars into state coffers—has already been appropriated through a base budget process that increased per-student funding for public schools and a cost-of-living…
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