Utah

The annual budget is prepared by the State Budget Office and submitted by the governor to the legislature for amendment and approval. The fiscal year runs from 1 July through 30 June.

The governor's 2000/01 State of Utah budget recommendations utilized total revenues of $6.7 billion, including $3.5 billion from the state's general fund. Actual general fund revenues in 2001 were $3.624 billion, above projections, but in 2001/02 the state began experiencing shortfalls, General fund revenues fell to $3.4 billion. Transfers from other funds, including $44.4 million from the tobacco settlement fund, were used to close the budget gap. In 2002/03, general fund revenues increased slightly to $3.45 billion, but expenditures were also increasing, and the state budget deficit was reported as $173 million or about 4.7% of the state budget. $25 million was cut from the state budget after its enactment with across-the-board cuts, furloughs, and partial freezes on travel, hiring and equipment purchases. The governor initiated a broader effort to cut $1.1 billion from the general budget, permanently reducing the size of the state government. The governor, however, pledged not to reduce education funds in 2003/04. Utah had the biggest family size and largest proportion of school-age children in the United States. In 2000/01, the state had a starting balance equal to 3.5% of expenditures. In 2001/02 and 2002/03 the start balance had equaled only 0.6% of expenditures.

The following table from the US Census Bureau contains information on revenues, expenditures, indebtedness, and cash/securities for 2001.