State officials released revised revenue estimates for Utah's upcoming fiscal year, leaving state revenue projections essentially 'flat' from estimates released at the end of 2022.
SALT LAKE CITY — State officials on Tuesday released revised revenue estimates for the state's upcoming fiscal year, leaving state revenue projections essentially "flat" from estimates released at the end of 2022.
In total, the state's general and income tax revenue is projected to be $11.7 billion in fiscal year 2023 and $11.8 billion in fiscal year 2024. Senate Executive Appropriations Chairman Jerry Stevenson, R-Layton, told his fellow senators it "isn't great news." The new revenue estimates come as the national economy experiences what Stevenson in a media availability called a "correction." As economic tides shift, the country is experiencing increased risk and volatility with economists predicting economic slowdowns.
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