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FY 2013 Budget Recommendations

FY 2013 Budget Recommendations. Governor Gary R. Herbert December 12, 2011. VISION FOR THE STATE. Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. OVERVIEW. General Fund/Education Fund Ongoing Revenue.

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FY 2013 Budget Recommendations

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  1. FY 2013 Budget Recommendations Governor Gary R. Herbert December 12, 2011

  2. VISION FOR THE STATE Utah will lead the nation as the best performing economy and be recognized as a premier global business destination

  3. OVERVIEW General Fund/Education Fund Ongoing Revenue Total State Budget $12.9b (includes federal funds) General Fund/Education Fund $5.1b (state tax dollars only) New FY 2012 GF/EF One-Time $128.2m New FY 2012 GF/EF Estimate $279.5m

  4. Source of State Funds General Fund and Education Fund: FY 2013

  5. Source of All Funds ALL SOURCES OF FUNDING: FY 2013

  6. Uses of State Funds GENERAL FUND AND EDUCATION FUND: FY 2013

  7. Uses of All Funds ALL SOURCES OF FUNDING FY 2013

  8. CONSENSUS REVENUE HISTORIC REVENUE ESTIMATES

  9. BUDGET ON PRINCIPLE THE FOUNDATION FOR ECONOMIC PROSPERITY PAY AS WE GO LIVE WITHIN OUR MEANS AVOID EXCESSIVE DEBT PREPARE FOR A RAINY DAY

  10. BUDGET ON PRINCIPLE THE FOUNDATION FOR ECONOMIC PROSPERITY NO NEW TAXES ELIMINATE STRUCTURAL IMBALANCE ($52m) MAINTAIN RAINY DAY BALANCE ($232.5m) MAINTAIN AAA BOND RATING

  11. FOUR CORNERSTONES ESSENTIAL FOR RETURN TO ECONOMIC PROSPERITY EDUCATION JOB GROWTH ENERGY UTAH SOLUTIONS

  12. 1st CORNERSTONEEDUCATION An educated workforce is critical for a prosperous economy GOAL: 66% of adult Utahns will have a post-secondary degree or professional certification by 2020

  13. 1st CORNERSTONEEDUCATION POLICY PRIORITIES Reading proficiency by end of 3rd grade Increase post-secondary course completion for high school students Align education with workforce and marketplace demands TOTAL: $3.25b for public and higher education combined

  14. 1st CORNERSTONEEDUCATION BUDGET PRIORITIES – PUBLIC EDUCATION $111m new funds for public education, maintain base ($2.5b) Public education growth, $40.6m Early intervention programs, $10m

  15. 1st CORNERSTONEEDUCATION BUDGET PRIORITIES – PUBLIC EDUCATION Expand online career counseling through utahfutures.org, $500k Expand individualized student technology, $12m Charter school startup funding, $2m Raise WPU 1% to increase teacher salaries

  16. 1st CORNERSTONEEDUCATION BUDGET PRIORITIES – HIGHER EDUCATION $23m new funds, maintain base ($750m) Higher education growth, $3m Performance measures, $5m Additional 20 medical school student slots, $6.5m

  17. 2nd CORNERSTONEJOBS Accelerate private sector job creation GOAL: 100,000 jobs in 1,000 days

  18. 2nd CORNERSTONEJOBS POLICY PRIORITIES Strengthen and grow existing Utah businesses, both urban and rural Increase innovation, entrepreneurship, and investment Increase national and international business Prioritize education

  19. 2nd CORNERSTONEJOBS BUDGET PRIORITIES Reduce unemployment insurance rate; employer tax decrease of $26.4m Expand Business Expansion and Retention (BEAR) program to all rural counties, $300k Business recruitment, $500k Workforce job search, training, and retraining, $20.5m Example: Accelerated Credentialing to Employment (ACE) program for Veterans ($1m)

  20. 3rd CORNERSTONEENERGY Innovation + Initiative = ENERGY INDEPENDENCE GOAL: Ensure access to affordable, reliable and sustainable energy

  21. 3rd CORNERSTONEENERGY POLICY PRIORITIES Responsible energy resource development Policies and practices to improve air quality Innovation for energy efficiency and development

  22. 3rd CORNERSTONEENERGY BUDGET PRIORITIES Energy Development Office, $700k Appropriate public land access Reasonable permitting Aggressively pursue innovations for energy efficiency and development

  23. 4th CORNERSTONEUTAH SOLUTIONS Continue to find Utah solutions for Utah problems

  24. 4th CORNERSTONEUTAH SOLUTIONS POLICY PRIORITIES Medicaid, additional $156.5m (total=$448m from GF) Supplemental funding for State Parks, $2.8 m $30.6m new money for Public Safety and Corrections (total=$412.6m) $60m new money for transportation, infrastructure maintenance

  25. FOUR CORNERSTONES ESSENTIAL FOR RETURN TO ECONOMIC PROSPERITY EDUCATION JOB GROWTH ENERGY UTAH SOLUTIONS

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