FY 2015 BUDGET OVERVIEW BUDGET RECOMMENDATIONS GOVERNOR GARY R. HERBERT FISCAL YEAR 2015 LT. GOVERNOR SPENCER COX ECONOMIC OUTLOOK & REVENUE Utah's economy has steadily improved since 2009. While Utah is well-positioned for economic expansion, mounting uncertainty related to federal fiscal policy presents downside risk to the outlook. The consensus revenue forecast anticipates $338 million of new money for FY2015. $132 million New One-time Revenue $206 million New Ongoing Revenue BUDGETARY GUIDING PRINCIPLES  Establish sound tax and spending levels for optimal economic growth  Live within our means -- don't spend more than we have  Provide maximum return on taxpayer dollars by pursuing innovative ways to increase efficiencies  Avoid unnecessary debt and save for a rainy day  Think long term GOVERNANCE: EFFICIENCY While Utah leads the nation in many notable economic areas, we must continue to ensure that limited state financial resources generate maximum value. Last year, the Governor called upon State agencies to improve operations 25% by the end of 2016. The Governor's Office of Management & Budget is working with each state agency to reach peak performance targets. This program is called the SUCCESS Framework (www.gomb.utah.gov). TOP PRIORITY: EDUCATION $261 million in New Funds $3.6 billion Total State Funds for Education Investment in education will advance Utah toward our key goal: 66% of adult Utahns will have a post-secondary degree or professional certification by the year 2020.  $157m in new funds to Public Ed (32%, same as FY2014)  $104m in new funds to Higher Ed (21%, same as FY2014)  Public Ed enrollment growth, 10,300 new students, $64m  Increase Weighted Pupil Unit by 2.5%, $61.6m  Elementary school technology infrastructure, $600k  Statewide expansion of concurrent enrollment, $1.5m  Weber State University Science Building, $57.4m  Two-year career counseling initiative, $2m  Higher Ed performance-based funding, $1m  Higher Ed student equity funding, $19.3m  UCAT increased enrollment, $3.9m  Maintain ongoing funding for early intervention/all-day kindergarten, $7.5m FOCUS: ECONOMY  Tourism/sports marketing & global branding, $16.7m  Business marketing & corporate recruitment, $1m  Small business development & rural outreach, $4.9m  STEM Action Center, $4.5m  Post-secondary education and workforce alignment, $2m  ACE Veteran Credentialing Program, $500k HIGHLIGHTS: RESPONSIBLE MANAGEMENT  Maintain transportation funding, $1.1b  Clean air research & fleet conversion, $18m  Long-term population growth strategy, $500k  Enterprise corrections reform, $47.5m  Huntsman Cancer Institute building, $17.5m  Pamela Atkinson Homeless Trust Fund, $1.6m  Road Home Shelter, $500k  Mental health promotion & mental illness prevention in children, $1.5m  Disabilities services, $1m  After school programs for intergenerational poverty, $500k  Refugee services, $200k  Increase State's Rainy Day Fund to a total of $401m  "We believe in doing more with less -- to make more efficient use of the resources we have." ~Governor Gary R. Herbert, 2013

• published: 04 Dec 2013
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