The Executive Appropriations Committee (EAC) made final recommendations for the fiscal year (FY) 2024-25 budget. This year’s recommendations bolster Utah’s longstanding legacy of fiscal stewardship in appropriations. Lawmakers’ recommendations include strategic investments across vital sectors, including education, social services, infrastructure, energy, and water, while providing Utahns with an income tax cut for the fourth consecutive year.
Anticipated revenue forecasts indicate a shift toward a stabilized and reliable income trajectory. As such, Utah has undertaken meticulous planning to navigate a transition toward a more modest revenue stream. While upholding Utah’s legacy of fiscal stewardship, lawmakers recognize the importance of making strategic investments across critical areas such as education, social services, infrastructure, energy and workforce enhancement.
These targeted investments serve as the bedrock for future economic expansion, catalyzing innovation and bolstering competitiveness on a global scale. Through foresight and unwavering commitment, the Legislature ensures a legacy of prosperity for generations to come.
“Utah’s distinction as the best-managed state and best economic outlook in the nation is a testament to a legacy of fiscal responsibility, foresight and forward-thinking policies,” said President J. Stuart Adams. “We’ve proven that we can meet present demands while paving the way for future expansion and safeguarding the interests of upcoming generations, all while easing the tax burden on Utahns. Our unwavering dedication to financial stewardship puts Utahns First, guaranteeing economic strength and fortitude in our state for generations.”
“Utah has an elite economy and unmatched opportunities, in part because of leaders who came before us and put the people of Utah first,” said Speaker Mike Schultz. “Our finalized budget reflects the prioritization of current needs while making life more affordable for Utahns and keeping an eye to the future. I applaud our appropriations committee members, chairs, and the Executive Appropriations committee for crafting a budget that secures a bright and prosperous future for Utah.”
“Utah stands prepared, ready to navigate the uncertainties and challenges posed by economic downturns with resilience,” said Sen. Jerry Stevenson, EAC co-chair. “Through strategic forecasting and planning, our state remains at the forefront of the nation’s economic landscape and we are committed to supporting the people of Utah.”
“Our state is fortunate to have steady job growth, low unemployment, and proven commitment to fiscal prudence,” said Rep. Val Peterson, EAC co-chair. “It’s no surprise Utah’s economy is the strongest in the nation. The budget we have laid out will ensure Utah continues on this path of economic strength and prosperity.”
The EAC budget recommendation will now advance to the full Legislature for consideration. The total state budget will be over $28 billion and will continue to be refined over the next week.
The Legislature will approve the final budget before the session adjourns on March 1. The 2025 fiscal year begins July 1, 2024.
Funding Highlights:
Tax Relief
- $167 million – S.B. 69 Income Tax Amendments
- Reduces all Utahns’ income tax rate from 4.65% to 4.55%
- $2.3 million – H.B. 153 Child Care Revisions
- Expands Child Tax Credit from 3 years to 4 years
Public Education
- $212 million – 5% increase to the Weighted Pupil Unit (WPU)
- $150 million – S.B 173 Excellence in Education and Leadership Program
- $101 million – K-12 School Property Insurance
- $100 million (1x); $2.1 million (ong) – H.B. 84 School Safety
- $74 million – Educational Professional Time
- $40 million – Utah Fits All Scholarship Program
- $35.5 million – H.B. 415 School Fees Amendments
- $30 million – Small/Rural District Capital Needs
- $19.8 million – Digital Teaching and Learning
- $8.4 million – H.B. 221 Stipends for Future Educators
- $8.4 million – H.B. 105 Teacher Supplies and Materials Increase
- $6 million (1x); $1 million (ong) – K-12 Computer Science Initiative
- $4.8 million – H.B. 431 Teacher Retention
- $3 million – High School Service Pilot Program
- $1.5 million – S.B. 205 Child Sexual Abuse Prevention Amendments
Affordable Housing/Homelessness
- $18 million – H.B. 572 Utah Homes Investment Program
- $10 million – Statewide Homeless System Support
- $10 million – Salt Lake Veterans Home Construction
- $3 million – Law Enforcement First Time Home Buyers
Technology/AI
- $2 million – S.B. 84 AI Education Grant Program Funding
- $1 million – State AI Lab Office
Transportation/Infrastructure
- $50 million – Point of the Mountain Transit Stop
- $15 million – Saint George Regional Airport Control Tower
- $3.9 million – State & Local Cybersecurity Grant Program Match
Natural Resources, Agriculture and Environmental Quality
- $10 million – Great Salt Lake Investments
- $10 million – Cove-East Fork Virgin River Watershed Project
- $8.5 million – Wildlife Resources Land Purchase
- $5 million – Ogden Canyon Water Line
- $1 million – Grazing Improvement Projects
- 3 million (1x); $1 million (ong) – S.B. 211 Generational Water Infrastructure Amendments
- $2.5 million – H.B. 280 Water Related Changes
- $2.5 million – Shared Stewardship
- $2 million – H.B. 410 San Rafael Energy Research Center
- $1 million (1x); 1 million (ong) – Great Salt Lake Watershed Measurements Infrastructure
- $200,000 (1x); $1 million (ong) – Wildfire Fuel Crews
Health and Social Services
- $75 million – Huntsman Cancer Institute Vineyard Cancer Research
- $10.4 million – Mandated Additional Needs & Youth Aging Out of DCFS & JJYS
- $5 million – Services for People with Disabilities Waiting List
- $1.8 million – Ensuring Nutrition for Vulnerable Seniors
- $1 million – Food Security Processing Grants
- $1 million – Early Childhood Mental Health Services
- $1 million – Grants for Adoption of Hard-to-place Kids
Criminal Justice
- $1.3 million (1x); $1.4 million (ong) – S.B. 213 Criminal Justice Modifications
- $400,000 (1x); $1.4 million (ong) – Prison Safety & Risk Mitigation