Gov. Cox and Lt. Gov. Henderson present major tax cuts, teacher pay raises, family supports and quality of life projects in their proposed FY 24 budget
Today, Gov. Spencer J. Cox and Lt. Gov. Deidre Henderson unveiled their full budget recommendations and priorities for fiscal year 2024. On top of more than $1 billion in tax cuts and historic investments in teacher salaries announced on Dec. 8, the budget includes support for families, young Utahns, and investments in quality of life.
“This is a budget that reflects fiscal conservatism and family values by investing in people, and expanding opportunities for Utahns across the state,” Gov. Cox said. “Our state is growing and this budget invests in the things that we know work.”
Consensus revenue identified by the Governor’s Office of Planning and Budget and the Legislative Fiscal Analyst show about $1.85 billion in available ongoing General Fund and Income Tax Fund revenue and $2.88 billion in available one-time unrestricted General Fund and Income Tax Fund revenue. On top of these estimates, GOPB and LFA have identified income tax fund revenue that the offices consider “high-risk” due to the potential lack of sustainability. The governor recommends appropriating these funds to low-risk spending areas.
Gov. Cox’s budget proposal outlines specific recommendations to support families and young Utahns including mental health funding, assistance for first-time homebuyers, massive education increases, tax cuts specifically directed to families and pregnant women, and resources for domestic violence prevention and victim support.
Investments in the state’s infrastructure protects quality of life as Utah experiences record growth. This proposed budget is focused on ensuring there are attainable housing options for everyone, from homeless solutions to market-rate rentals, and home ownership. Recommendations include $150 million for deeply affordable housing units, affordable housing tax credits and loans, and assistance for homebuyers and homeowners. Gov. Cox also announced an ongoing fund for active transportation to create a statewide trail network, a pilot project for zero-fare transit, and investments for air quality and energy innovation.
In response to the ongoing drought, the budget includes a more than half-billion dollar investment in water conservation, quality, research, infrastructure, and management, including $132.9 million specifically for the Great Salt Lake, and more than $217.9 million for statewide water conservation and supply management that will create medium- and long-term benefits for the lake. At a glance:
- $1.3 billion in tax relief over three years
- $200.7 million for teacher compensation package totaling $6,000 per year
- $516 million for water conservation, agriculture optimization, infrastructure
- $150 million for housing including $11.5 million for first-time home buyers
- $53.5 million for mental health resources
- $53.5 million for domestic violence prevention and victim support
- $16 million for family support services