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.

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