The Revenue Report: Utah’s Consensus Projections Approach

Written by: Christopher Collard

Utah estimates the state’s future tax revenues using a consensus approach. It is undertaken by the Utah’s Revenue Assumptions Working Group – a collection of economists and experts from the Governor’s and Legislature’s staff, the State Tax Commission, and state academic institutions and departments.1 This approach is not the way all states estimate revenue. In other states, such as New Jersey, the Governor’s staff creates one revenue estimate and the legislature’s staff creates a differing … Continued

The Revenue Report: Utah’s Projections Process

Written by: Christopher Collard

In our upcoming Revenue Report we will examine recent projections for Utah and how they compare to eventual outcomes.       [1] Utah Constitution, Article XIII, Section 5, Use and amount of taxes and expenditures. [2] Utah Governor’s Office of Planning and Budget, Utah’s Budget Process, [3] Utah Governor’s Office, News Release: Legislature and Governor’s Office Release Updated Budget Estimates, February. 21, 2023, And Executive Appropriations Committee, Revenue Estimates – February 2023 … Continued

The Revenue Report: Income and Sales Tax Surprise

Written by: Staff

The State will be re-forecasting revenues after one more monthly collections report – due in the middle of February. Legislators will consider these numbers before making final budget decisions for the 2023 General Session. Interestingly, if the current growth rates were to hold throughout the remainder of the fiscal year (June 30th), the state would end the year with $1.9 billion more than forecasted. In this edition we highlighted how actual revenues can sometimes far … Continued

Op-Ed: Tax reform may be on pause, but the issues roll on

Written by: Peter Reichard

Writing on tax reform back in December, I quoted Thomas Jefferson: “Politics … holds up the torches of martyrdom to the reformers of error.” Well, apparently state political leaders saw the glow of firelight coming over the hillside, because the tax reform in question was quickly thereafter thrown out. This leaves the issues that motivated reform unresolved. To give Utahns a better idea of what that means, Utah Foundation recently released “Now What? A Citizen’s … Continued

Video: How Utahns Pay for Water

Written by: Christopher Collard

Utah Foundation’s first short video of 2020 is an overview of five reports from 2019 that make up the Paying for Water series. The series outlines the pros and cons of a greater reliance on water rates, and how this might affect certain areas of concern. Paying For Water Series This series contains an executive summary and four main parts: Executive Summary: Paying for Water: A Brief Summary of the Series Part 1 – Background: … Continued

Utah Thrives: Teacher Pay

Written by: Dan Bammes

Why should a young person in Utah make the career decision to become a teacher? Why do potential teachers often choose another line of work? And how do Utah’s pay scales for teachers compare to other Mountain states and the nation? In this edition of Utah Thrives, we’ll talk about the new Utah Foundation report Apples to Apples: How Teacher Pay in Utah Stacks up to the Competition. We’ll hear from Utah Foundation President Peter … Continued

Utah Thrives – The Future of Taxation in Utah

Written by: Dan Bammes

The 2019 legislative session ended without a significant restructuring of Utah’s sales tax system. There’s agreement on the general goals – broadening the base of goods and services subject to the sales tax – but the clock ran out on the session before the details could be negotiated. State Senator Luz Escamilla, a Democrat, and Representative Robert Spendlove, a Republican, presented their thoughts on where the process is going now when they spoke to the … Continued