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The $264 million in ongoing revenues and $161 million in one-time money is more robust growth than the state has seen in years, and Utah’s economy is expected to continue an upward trajectory, according to the economic assumptions released by the State of Utah Revenue Assumptions Working Group last week.
Notably, the forecast sees the state’s unemployment rate falling to 4.8 percent and personal income is projected to grow by 5.9 percent.
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What’s next?
» Legislative leaders will meet Wednesday and adopt the new revenue figures.
» Budget subcommittees will decide their top funding priorities and make recommendations back to the full budget committee.
» Legislators have to take action to pass the final budget by March 14 at midnight — the constitutionally mandated end of the session.
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But they could have been even better. For example, Tennert said, wages were expected to grow at 6.7 percent in the coming year, but that was scaled back to 6.1 percent because of the impending sequestration.
The economic forecast and the new revenue projections both assume that Congress will strike a deal in the coming months to replace across-the-board cuts of the sequester with more targeted reductions.
Twitter: @RobertGehrke
Tribune reporter Lee Davidson contributed to this story.
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