Economist: Utah economy healthy, 2017 ends with $26M surplus

Photo courtesy Utah State Law Library.

SALT LAKE CITY (AP) — Utah ended fiscal year 2017 with a $26 million surplus, and the state Legislature’s chief economist predicts more of the same will come next year.

The Salt Lake Tribune reports that Utah collected $47 million more in taxes than expected during fiscal year 2017, which ended June 30. After deposits and adjustments, the state had an $8 million surplus in its general fund and $18 million for its education fund.

Chief economist Andrea Wilko says revenue from individual income tax was up by 7.1 percent compared to the previous year and totaled $3.6 billion. State sales tax collections were up by 4.4 percent and totaled nearly $1.9 billion.

Wilko expects the healthy economy to continue into next year.

Free News Delivery by Email

Would you like to have the day's news stories delivered right to your inbox every evening? Enter your email below to start!

Leave a Reply

Your email address will not be published. Required fields are marked *

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

This site uses Akismet to reduce spam. Learn how your comment data is processed.