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Show HSsil Lit EliMKOEO i Although the short-term financial outlook for Utah remains excellent, the pros-pects pros-pects for the intermediate and longer terms are somewhat less encouraging. This was the conclusion reached by Utah Foundation, the private research organization in their annual analysis of the condition condi-tion of Utah state finances. THE report points out that expenditure increases resulting result-ing from commitments made by past legislative sessions will be placing a greater burden bur-den on Utah's future financial resources. Some of this pressure pres-sure on Utah finances will begin to be reflected in the outlook for the forthcoming 1978-79 fiscal year. After, basic state needs are met, there will not be any substantial amount remaining remain-ing to take care of new and or expanded state programs in 1978-79. DURING recent years, Utah has been able to generate surpluses, which have been used for one-time kinds of expenditures and tax reductions. According to the Foundation report, it appears unlikely that additional tax cuts can be made in 1978. In fact, there is a possibility that the 1978 Budget Session may be forced to raise taxes, especially for highway purposes. pur-poses. UTAH concluded the 1976-77 fiscal year with a general fund surplus of $13.3 million ' and a uniform school fund; surplus of $3.3 million. A: special building appropriation appropria-tion from surplus, however, reduced the balance in the general fund to $9.2 million, making the combined general fund-uniform school fund balance equal to $12. 5 million. Based on present revenue projections, Utah Foundation . estimates that the state will end the 1977-78 fiscal year with a balance of $9.7 million. At the conclusion of the 1977 Legislative Session, it was anticipated that there would be a baunce of only $139,000 at the end of the 1977-78 fiscal year. DESPITE this improvement improve-ment in Utah's short-term fiscal outlook. Foundation - analysts indicate that the picture pic-ture for 1978-79 and beyond is less encouraging. They point out that greatly increased expenditure commitments com-mitments for retirement, local school building aid, debt retirement, and other new programs will begin to be reflected in the outlays for 1978-79 and subsequent fiscal years. THE report notes, however, that this rather pessimistic long-range outlook may be altered somewhat if Utah should receive a favors court decision the ownership of several, oil tracts in eastern Utah Bonus payments in exr- 6 of $72 million are bein in escrow until the . " finally determined t"UrJ these lands rests wl . state of Utah or with l Federal Government IF THE courts evemu.ii. award these land, to ' state. Utah law would l h' these bonus payment, Z , special trust account and T earnings therefrom wouii help support the Utah KCi f program. Kny On the other hand, H J f lands are awarded to Z - V Federal Government mil would receive only a reduce share of such moneys whi would be used toprov V loans for water project Z ' other community projects |