Proposed Budget - Fiscal Year 2025
On December 5, Utah Governor Spencer Cox submitted a budget proposal for fiscal 2025. The total operating and capital budget calls for $29.5 billion in spending from all funds, which represents a 0.3 percent decrease compared to authorized fiscal 2024 levels. The governor recommended $12.6 billion in general fund, income tax fund, and uniform school fund (GF/ITF/USF) spending in fiscal 2025, including $11.6 billion of ongoing funding, a 4.0 percent increase from GF/ITF/USF ongoing spending authorized for fiscal 2024. The governor also recommends $1.1 billion in one-time GF/ITF/USF spending for fiscal 2025. The budget is based on a consensus GF/ITF revenue forecast of $11.6 billion; this represents a 3.1 percent increase over the fiscal 2024 authorized revenue forecast and a 2.2 percent increase compared to the revised consensus estimate for fiscal 2024. The state’s major rainy day funds have balances of $1.4 billion at the end of fiscal year 2023. In tax policy, the budget includes $4.7 million to expand the existing child tax credit to cover children through age five.