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Show State spending exceeds ,jS revenue by $21 million ;0 State expenditures exceeded revenue in Utah by more than- $21 million during the fiscal year ended June 30, 1977. According to a report just issued by Utah Foundation, Founda-tion, the private tax research re-search organization, general gen-eral revenues in Utah last year totaled $960,844,421, compared with expenditures expend-itures of $982,026,152. Much of the excess in state spending over state revenues during fiscal 1977 is accounted for by the expenditure of balances bal-ances accumulated in earlier years. The Foundation Founda-tion study notes that the ending combined balance in the general fund and the uniform school fund declined by $10.5 million between June 30, 1976 and June 30, 1977. In addition to the use of fund balances, part of the excess in state spending last year resulted from the expenditure of funds obtained ob-tained from the 1976 bond issue. Transfers from bond funds to building projects during fiscal 1977 amounted to $13.6 million, mil-lion, compared with only 55 million set aside for bond retirement. State revenues in Utah increased by $65 million, or 7.2 per cent, during the 1977 fiscal year. According Accord-ing to the Foundation analysis, increased tax revenues resulting from continuing inflation and economic growth were the major factors in this higher high-er revenue yield. Taxes accounted for $577 million, or 60.1 per cent of all revenue receipts re-ceipts last year. Federal aid (including Federal revenue sharing funds) amounted to $293 million, or 30.5 per cent of the state revenue total. The remaining $90 million in state revenue came from tuition fees, charges for services, interest earnings and other miscellaneous earnings. The sales tax is the most productive tax revenue rev-enue for state government in Utah. Last year it i produced $226 million, or j 23.5 per cent of total state j revenue receipts. In addi- J tion to the state sales tax, local units of government J received $42 million from J the uniform local sales i tax. Thus, combined re- J ceipts from state and local J sales taxes in Utah totaled $268 million during the J 1977 fiscal year. J Property taxes charged by local units of govern- i ment in Utah during the j same period amounted to J $240 million. The property tax, however, is not im- J posed for state govern- J ment purposes in UtaK Foundation analy,,, point out that state I penditures in Utah ' f'-creased f'-creased by $73 million 8.1 per cent in fiscal 197 Thus, state spending at a slightly faster Z,-,? last year than did stau revenues. ' f- As has been the :"' throughout Utah histor,"; education continues to t '' the number one area state spending. Last vej, state expenditures education amounted tn $442 million, or 45 cent of all state generj' expenditures. In adoW to these state expend tures for education, subi? c stantial amounts also ait'-1 spent on education fron1 locally-raised taxes. Whe all state and local expend;.'': r-: tures for education aii'f included, the total in Uui-V is in excess of $665 million ' for the year. l- |