State is Running $71 Million Surplus in Three Funds

State is Running $71 Million Surplus in Three Funds

Save Story

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

SALT LAKE CITY (AP) -- The state is running a nearly $71 million surplus in collections for its general, school and transportation funds.

The latest monthly state revenue report says the state is running an estimated $64.21 million surplus in the General Fund and the Uniform School Fund, and the Transportation Fund is showing a possible $6.41 million surplus.

"We've had two straight months of sales tax (revenue) up by more than 7 percent. And that's very important," said Doug Macdonald, state Tax Commission chief economist.

Individual income taxes are coming in nearly $43 million more than anticipated.

"We aren't creating a lot of new jobs," he said. "Instead, businesses are getting more productivity out of their current work force."

Corporate income taxes are up 45 percent, "better than expected," Macdonald said.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

Most recent Utah stories

Related topics



Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the Trending 5.
By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

KSL Weather Forecast