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State revenue down $112 million from forecast

State revenue down $112 million from forecast

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SALT LAKE CITY (AP) -- An economic downturn has led to a $112 million shortfall in the state budget.

A preliminary revenue report released by the Utah State Tax Commission on Friday shows that income from sales taxes, income taxes and fuel taxes is less than lawmakers expected. A final revenue report is expected to be released in August.

Gov. Jon Huntsman's spokeswoman, Lisa Roskelley, says there are no immediate plans for a special session to address the budget.

Lawmakers prepared for an economic downturn before they adjourned March 5 because the nation's economy was already weakening.

Lawmakers spent $100 million less than they could have and deposited $100 million into a rainy day fund over the past two years.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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