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Show Says Utah Foundation increased expenditures in the decade ahead." As a result, Utah state and local governments probably will continue to encounter serious financial problems over the next million below the 10 years. revenue estimates used Nevertheless, the at the time of the 1980 report indicates that the budget session. Part of state can balance its this revenue shortfall budget next year was met by a general 2.5 (1981-82- ) without a mapercent appropriation jor tax increase, except cut back ordered by the for a possible adjust governor earlier this year and part by a carry over balance from last year. Even with the 2.5 percent expenditure reductions ordered by the ment in highway user taxes. To accomplish this, however, would require that no new spendbe ing programs established and that ex isting programs be limited to an average increase of no more than 6 Cuts will balance budget Except for a possible adjustment in highway user revenues to meet a serious problem in the transportation and extreme austerity in the 1981-8spending programs to avoid a tax increase for next year. In 2 fund, Utah can balance its general fund and uniform school fund budget next year without a major tax increase. This is the conclusion of the Utah Foundation in its latest analysis of the condition of Utah state finances. The foundation report warns, however, that it will require some difficult budgetary actions addition, it will necessitate that the pending budget deficit for the current fiscal year be eliminated by the special session of the Utah legislature, which will meet next week. According to the fou- ndations mid-rang- e estimates, general fund and uniform school fund revenue collections for 1980-8will be $56.1 1 There's safety in safe deposit! Dear Editor Dear Editor: I take this opportunity to respond to an article on safety deposit boxes which was published in The s Oct. 30, Times-New- 1980. Beginning Jan. 1, 1977, State laws were considerably simplified by the elimination of the following: There is no longer a state inheritance tax appraisal required. Waivers of the state lien are not required. Safety deposit box inventories are no longer required. This law also says that when safety deposit boxes are held by joint tenants, or in multiple names, anyone authorized may gain entrance to the safety deposit box. In the case where there is one individual name and death occurs, there is still no inventory and the contents of the safety deposit box may be released only to the authorized beneficiary, t Weather NEPHI WEATHER E. C. Sherwood, reporter High Low Prec. Date ador ministrator. The only time inventory of a safety deposit box is taken is when the renter is delinquent for a period of three to five years on his rental fee. At this time, entry can be made into the box, an inventory can be taken, and all contents are kept in safe keeping for a seven years, at which time they are considered abandoned property and are turned over to the State of Utah. Banks in the State of Utah have lobbied hard to obtain a law wherein banks are not required to inventory safety deposit boxes. We feel safety deposit boxes in banks are the safest form of safe keeping and insure confidentiality. Paul M. Nelson Manager, Nephi Office First Security Bank executor, Kay Bendix-se- n, former ag agent, retires Kay Bendixsen, onetime USU agricultural agent for Juab County, has retired from his position as assistant state 4-- H leader. taken by the legislature. The governor has suggested that the 2.5 percent cuts be applied to the minimum school pro- and that gram the general tax relief program for 1981 and subsequent years be cancelled. The special session, which will meet Dec. 15, will consider this program along with alternative ways to eliminate the anticipated deficit. Last January, when the state revenue picture looked brighter, the 1980 budget session enacted a general tax relief program calling for tax credits against the individual income tax based on property taxes or rents paid during the year. Approximately million $31.4 was ap- propriated to implement this program in 1981 and it is expected that the cost would rise to $53.7 million the following This year. ... Tim -- QMS, the governors mendations. is the second straight year that Utah has experienced serious problems in balancing the state budget. Last year, the governor was forced to order 4 percent across-the-boar- cuts, d when state revenues failed to meet earlier expec- tations. If these expenditure reductions had not been made, Utah would the 0 surplus. The foundation study tion of his degree, he was observes that the finanagricultural agent for cial problems of the past and Daggett two years are not am I oner appliance, what going to do with that old : THE ANSWER & Trade in your old appliance when you buy the "Best" Frigidaire! Check these buys! per annum and Keogh deposits on IRA of $500 or more. Frigidaire Washer Model WIH SWipo FVgjdaae Dryer 31 No bank or savings and loan can pay a higher rate on your retirement money. You can deduct your yearly contribution to either of these retire- ment plans at tax time, and pay no taxes on that money until you withdraw it at retirement. If you have no pension plan where you work, save up to $1,500 a year in an Individual Retirement Account. Or up to $7,500 in a Keogh plan if youre Ask us about it now, and get started saving for financial security tomorrow a tax break today. Trade-l-n Current rate, based on 2'h year savings certificate. Deposits of less than $500 earn at the rate of 8 per annum. Substantial penalty for early withdrawal. Steve's Appliance & Repair recom- This ; If I buy a new Earn program fiscal year with a deficit instead of a slight Uintah Nephi, Utah Dec. 18, 1980 would be scrapped under 1979-8- LEVAN WEATHER 8 Times-New- s affliDiS 1 have concluded Derle Hansen, reporter Date High Low Prec. The foundation analysts point out that 1980-8budget will be out of balance by more than $39 million unless further action is old car! Now you can answer that age old question percent. governor, the You trade in your Each affiliate bank of First Security Corporation is a member of FDIC. Each depositor's account is insured to $100,000 by FDIC. allowance will vary with the condition of your washer and dryer and may not be this amount. "We sell the best and service all the rest" 45 South Main I Repair parts IN STOCK foralltmajor I brands of appliances. IEMEMBER! At Steves We Service What We Sell 623-191- 0 |