Estimated read time: Less than a minute
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.)