SALT LAKE CITY — Utah ended the the 2012 budget year with an $85 million surplus, Gov. Gary Herbert said Tuesday.
After automatic transfer to several funds, state lawmakers will have an extra $46 million to spend when the Legislature convenes next January.
“We are certainly encouraged by the additional revenue and plan to use this surplus in the coming budget to strengthen Utah’s economy and fund education,” Herbert said in a statement. “Although too many Utahns are still hurting, our economic progress has been steady and is outperforming many other states."
The surplus is the result of higher than expected sales tax revenue, liquor profits, and corporate and individual income tax collections. It includes $11 million in the general fund and $35 million in the education fund.
The bulk of the remaining dollars are automatically transferred to the Rainy Day Fund with the Disaster Recovery Fund and the Industrial Assistance Fund also receiving portions.