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Show Uii;hQ? Y(::oc loom for Present Am Iwiwc Ymipuyers in Utah Aclloii;; tak -ii by Hid 1'.7T Utah I.er,l:.k,tiiio will re.Milt In higher tax':;; fur present taxpayers and higher obll::i-t obll::i-t Id i is thai eventually imn.t bo Uirno by taxpnynr:; In (ho future. fu-ture. Thhi was II, a c:,,nrlu:;l.n readied by Utah Fuuiidallnii, tho private research oi'i;aiik-.alliin. oi'i;aiik-.alliin. In their analysis of the l'J'r, liiclslatlvo h;.;:,,u. Aco.rdlni: to the Foundation study, the 1'JlZ Utah I.e(;l.,la-turo I.e(;l.,la-turo raL'.ed .stale Individual Income lax. rale, lncreaced the local option hales lax, and provided for other chances chanc-es In fb;!i and caino llceii.e:;, otc. More particularly, however, how-ever, the Legislature adopted programs which v.lll have to bo funded from 1.1), her futiuo revenues. As an example, tho study notes that legislation enacted this year will provide greatly expanded retirement benefits bene-fits for stale and public school employees. Funding fjr this expanded program, however, will be phased In ovur a four-year four-year orlod. liy tho end of the 1070 decade, therefore, retirement re-tirement fur public and school employees will cost the State more than $100 million a year. This Includes the cost of the statu retirement program pro-gram plus the state's share of Federal Social Security (F.I.C.AJ costs. Another example of delayed financing cited Ly the Found:-tlon Found:-tlon was enactment of a new $70 million 1jiidln,: program to finance ex; ai.slon of the University of Utah .VoJleal Center and other slate projects. pro-jects. It Is ex; ected that retirement re-tirement of this new iy.nl Issue Is-sue will not begin until after the last of the IOCS bonds are retired l-i 1'jLO. Total Mate s;x-!i:iLv: f,r regular o:-,;lL'..j j rvr.-.::ss author Uo J by the U-7j UUu'i Legislature .'or the KTTG fiscal ' Lr Is os'.lm.-.'.. :! at $7C3 million. This U approximately ap-proximately J3 million riicre than tho amount recommended recommend-ed by the Governor In his budget, and Is a'.out j:3 million mil-lion or 12"; creator than the spending level a-'.h rlr jd 'or tho 197-1-75 fiscal year. Foundation Foun-dation analysts also has.eri to point o-nt that t!.e:e expenditure expendi-ture totals are for re-iar on-going prorrams only, and do not Include about 533 n.ll-Uon n.ll-Uon In state appropri-.-.i- ns for bulidlr.c'S and other onetime one-time Items. Approximately C3 of the Increased speniiln.- .'or r.ext year will go .'or education 21" for h'.,-!.er education and I2i for Increased suptort of the public bchools. Increased appi(;prlatljiiK for B(clal service ser-vice programs account for aluit 17' of the higher spending spend-ing amountb projected for next year, and Increases In other areas of fctato operations aru resjiw.lblH for the remaining 20 of tho $!ifj hillllc.n ln-eroase ln-eroase In the 107 5-70 operating- Inidget. Ht.sed on tho revenue estimates esti-mates used by tho LoElsla-tue LoElsla-tue and tho appropriations authorized, au-thorized, the general fund and the uniform school fund would end tho 1070-7G fiscal year with a combined surplus of 53.1 million. Foundation analysts ana-lysts Indicate, however, that tho revenue estimates used may lx) conservative and the final surplus could oxcood this $3.1 million ebtlmato. In ad-dll ad-dll Ion, other factors that cjuld raise this final surplus figure fig-ure aro (1) a report tliat teres-t earnings In 1074-75 may bo $3 million creator tlian the eBtlrnals furnlihod to the Legislature, (2 addUV;rial lapses (refunds) of iZ million or more niay to real lzed from 1074-75 approjjr Latins, (3) part of a $0.5 million appropriation appro-priation for a fine arts center cen-ter In Salt Lake City may bo returned If local matching money Is not found, and (4) added lapses from 1075-70 school appropriations may be available if the local funds exceed the estimates used In making the calculation for state support funds. |
