Utah estimates $1.5B budget surplus after a year of COVID: Here's why
Fox Business Flash top headlines for February 23
Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
Utah has an estimated budget surplus of $1.5 billion, even after a year of battling the COVID-19 pandemic that has hurt state tax revenues.
The news comes as President Biden is pushing to spend $350 billion in aid for state and local governments as part of a $1.9 trillion stimulus package, according to the Tax Foundation, even as the U.S. national debt approaches $28 trillion.
State lawmakers and Gov. Spencer Cox on Friday said they estimate a surplus of $427 million in revenue that the state will collect over the 2021 General Session, consisting of $112 million in additional ongoing funds and $315 million in one-time funds.
Utah was already expecting to collect an estimated surplus of $1.1 billion one-time funds and about $100 million in ongoing funds over the next two fiscal years, bringing the total estimated excess funds to $1.5 billion, according to a press release.
HOUSE COMMITTEE CLEARS NEW COVID PACKAGE WITH MORE STIMULUS PAYMENTS
"Key indicators continue to show that the Utah Way has again paid dividends, with our state leading the nation in the economic recovery," Cox said in a Friday statement. "While I remain optimistic that this trend will continue as more Utahns get vaccinated, we need to be extremely mindful of the sectors of the economy and the families which continue to struggle in our communities."