Salt Lake City, UT – Utah’s 2022 fiscal year has ended with a revenue surplus. State leaders will have an additional $130.2 million in the General Fund and $1.235 billion in the Income Tax Fund to appropriate during the 2023 General Session. This is in addition to automatic deposits in the General Rainy Day Fund ($37.7 million), Income Tax Rainy Day Fund ($5.1 million), and Disaster Recovery Fund ($25.5 million). These funds are largely due to economic volatility and income tax final payments associated with stock market and real-estate capital gains in 2021 and are considered an anomaly.

Gov. Spencer J. Cox, President J. Stuart Adams and Speaker Brad Wilson issue the following statement regarding the state’s revenue:

“Strong fiscal policy and Utah’s entrepreneurial spirit have created an optimistic economic forecast for our state. Many anomalies, including unparalleled federal funding, have led to surplus revenue. State leaders will use caution in spending these funds. We remain committed to fiscal responsibility as we seek to fund projects that will serve our state now and for generations to come.”

The funds will be spent with careful emphasis on fiscal responsibility, including the use of one-time money on one-time costs.