This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Utah leaders got good news Tuesday — the state finished the 2014 budget year with a tidy $166 million surplus and will have a sizable chunk of that available to spend when they meet next year.
After some required earmarks — money that is statutorily required to go to the Rainy Day Funds and the Disaster Recovery Fund, among others — $112 million is left, all but $7 million from higher-than-projected income tax collections that are constitutionally earmarked to be spent on public and higher education.
"A budget surplus shows we are using every tax dollar to its maximum effect and living within our means," Gov. Gary Herbert said in a statement. "Most importantly, it means we have additional funds to invest where they are needed most, specifically in education."
Revenue for the budget year, which concluded June 30, came in higher than the optimistic projection of $150 million.
Senate Budget Chairman Lyle Hillyard, R-Logan, urged observers to hold off contacting him and his House counterpart, Rep. Mel Brown, R-Coalville, with suggestions for how to spend it.
The money can only be used for one-time purchases, since there are no guarantees it will be replenished in future years.