Economist: Utah economy healthy, 2017 ends with $26M surplus
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.
Information from: The Salt Lake Tribune, http://www.sltrib.com