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Show Utah Foundation reports Utah wu one of only seven states that recorded an increase in federal aid receipts last year. So says Utah Foundation, die private research organization, in a study of federal aid allocations during the. 1982 fiscal year. According to the report, federal aid distributed to state and local governments throughout the nation last year dropped by S6.6 billion, or 6.9 percent. This was die first decline in federal aid registered since 1946. Federal aid to Utah, cm the other hand, rose slighdy last year from $593.3 million in the 1981 fiscal year to $604.6 million in fiscal 1982. Foundation analysts hasten to point out, however, that the apparent increase in federal aid to Utah last year is somewhat misleading. All of it resulted from a jump of $57.3 million Federal Mineral. Leasing Act receipts, representing mainly a release of e oil shale bonus one-tim- its. ' the mineral leasing revenues had been excluded from the calculations, federal aid to Utah actually would have declined by $45.9 million, or 8 percent in 1982. For the nation as a whole, federal aid (excluding mineral leasing WASATCH COUNTY REPUBLICAN SUMMER SOCIAL August 9, 1 983 Heber City Park Pavillion cm 6:00 P.M. Under the direction and expert planning of Clara Holmes, this years summer social promises to be the best yet. A sumptuous meal of pit barbecued roast beef sandwiches with el the trimmings, Is In the making. The cost wN be $7.60 per person, $1 5.00 per couple, or $35.00 per famfy. Fotowlng the (Inner, Flortne Whiting has planned some exciting entertainment featuring Howard Norton of Ogden, who plays the electric guitar, and Tom MacNaughton, who plays the bcsty). They wtt favor us with a variety of Afferent types of music, some that wM even be suitable tar dancing If you so desire! To top the evening off, the featured speaker wl be Senator Orrin Hatch. You font want to miss hearing him. District chairmen and other party workers wM be around aeling tickets between now and August 9th. However, If you are not conto obtain tickets, tracted, you may cal Keith Horrocks, at or you may purchase them at the Heber City Park PavBon, the night of the dimer, August 9th, at 6:00 p.m. See you al therel 654-447- 5, funds) declined by 7.2 percent last year. The study notes that the decrease in federal aid distributions last year reflects an effort to format d change the federal of amount reduce the and funds provided. It was proposed that many of the federal categorical grants could be consolidated into a limited number of block grants with the state and local units given more latitude as to how the money was to be spent. The added flexibility in handling these to adjacent to Main Street will complement the visual art. On August 6 and 7, from 10 a.m. 7 p.m., Park Citys Historic Main Street will be transformed into an open-ai- r gallery featuring the work of over 200 visual artists participating in the fourteenth annual Park City Art Festival. Performances on two stages grant-in-ai- Festival Director Sean Toomey This year we have improved parking and shuttle bus systems and look forward to seeing more people being able to enjoy the arts in Park City. The exhibiting visual artists will said, The this years Festival. performances will be held at the Kimball Art Center Courtyard and the Treasure Mountain Stage cm upper Main Street. A variety of musical styles will be represented, including traditional, folk, classical, ragtime, jazz and swing. Performances by the Repertory Dance Theatre and the Ririe Woodbury Dance Company will highlight this years performing reduced grants,' however, has been somewaht less than had been originally expected. Federal aid was reduced in many of the important categories. At the national level, federal aid for employment training programs was cut by 36.8 percent, health programs by 31.8 percent, energy programs by 26.3 percent, and commerce programs by 27.6 percent. In the past, one of the main arguments used by those in Utah arts. favoring federal programs has been that Utah generally receives back more in aid than Utahns pay in federal taxes to finance, such s, fin: programs. In the mid-sixtie- example, Utah received bade more than $2 in federal aid moneys and in the share of federal taxes borne by Utahns. During the 1965 fiscal year, federal aid allocations to Utah amounted to $104 .million, or $105 per capita. This per capita was 88 percent greater than die U.S. average of $55 per capita. Over the years, federal aid distributions continued to increase, but Utahs relative share declined, hi 1979 federal aid to Utah equaled $322 per capita, or 13 percent below the U.S. average of $351 per capita. During the past three years, Utahs relative travel from 23 states, including Florida and Hawaii, to display their work. Many types of artwork, from traditional oil sculppainting to papier-mach- e ture will be Mown on Histone Main Street during the Festival. The exhibiting artists were selected from a field of 600 applicants by five juries each composed of five Utah artists. Many of Utahs finest performing artists will also participate in This year, improved transportation systems have been implemented to accommodate Festival At Parleys Summit, visitors. Festival goers should tune their radios to KPCW FM 91.9 for As current traffic information. visitors Park City, they approach will be directed to free parking at the Park City Ski Resort and at Free buses Prospector Square. will shuttle people from the parking lots to lower Main Street. To offset Festival transportation and operation costs, adults will be charged a $1 admission will be admitted free. The Park City Art Festival receives no city, state, or federal funding and is produced by the Kimball Art Center with fends from artists fees and the $1 admission charge. This year, the shuttle buses will continue to run throughout the evening to allow Festival participants to stay and enjoy the diverse activities available on Historic Main Street in Park City. For more information, please The Arnuud Park City Art Festival attrmcks thousands of visitors annually. contact the Festival Office at the Kimball Art Center, fee-childr- en ' position improved somewhat, and in fiscal 1982 per capita federal aid in. Utah was about 2 percent the national average. 649-888- 2. Vern Osmond reports . ,W. Senator Orrin Hatch wn be the featured speaker at the RepuUcan. Social, on August 9th, 6:00 p.m.f at the Heber City Park. While our homes are going up, our prices are down and theyre selling fast! From $69,900 Silver Summit, unique residential community, located near Silver Creek Junction 414 miles from Perk City and only 35 minutes from Salt Lake. Sind family homes from $69,900 11MX 30 year fixed rate - Up to 95X Financing Sales office located across from the Park City Holiday Inn. . . Phone ,4. Economic activity soars Economic activity in Utah rose sharply in June according to Vern J. Osmond, Manager, quoting the First Security Newsletter. The quarterly report, which will be. published this week, is edited by Dr. Kelly K. Matthews, senior vice president and economist for First Security Corporation, financial services company. Third quarter business conditions in the state are expected to show significant gains in production, employment and income. Influenced by abnormal weather conditions and flooding, the pace of economic recovery in Utah lagged the national norm in Anil and May. During the second naif of 1983, however, Utahs economic growth is expected to match national recovery trends. Utahs unemployment rate is forecast to reach 8 percent to 8.2 percent. At this leyel, it remains about 1.8 percentage points below the national rate. The outlook for the residential construction industrv in the second half of 1983 is favorable, but the horizon is clouded by rising mortgage rates. Housing starts, real estate sales and Consumer spending in Utah in the third quarter is expected to experience significant gains. Buoyed by the tax cut and income mortgage loans increased sharply gains, previously deferred spendduring tiie first half of 1983. In the ing decisions may be reversed. Januaiy-Ma- y Bank credit card sales jumped period, residential the first building permits were issued for noticeably in June 4,961 new dwelling units, an significant gain this year. The increase of 69.4 percent above last volume of automobile loans in Residential construction June was also sharply higher than year. value during the first five months in April or May. at $225 million was up 66 percent. FHA mortgage rates, at the low Tourist activity was favorable in point in the second quarter, were second quarter with further the 11 VS percent with 3 discount during the points and conventional rates were gains anticipated remainder of the summer. In the 12 Currentat percent. quoted January-Ma- y period, passenger ly, FHA mortgage rates have risen travel at the Salt Lake Internat12V4 to percent with 5 discount ional Airport was up 64 percent. points and conventional rates are in tiie 13V4-1- 4 percent range. The pace of economic recovery Based on tiie assumption that in tiie United States in the second mortgage rates will vary within a of 1983 is expected to remain half 4 percent range during the very favorable. All signs point to a second half of 1983, the constructpowerful engine of recovery fueled ion and real estate industries by increasing consumer confishould experience continued dence and buying power. - f 12-1- A swing from inventory reduction to inventory accumulation was a major change in the business climate and contributed to higher growth rates. Buoyant consumer buying and sharp gains in residential construction further aided the impressive second quarter performance. Consumers returned to the market place during tiie second quarter, increasing retail sales by 25 percent annual rate. The buying confidence reflects heavy income gains and appreciated common stock values as well as a reduced - savings rate to 5.3 percent probably in anticipation of the July 1 tax cut Industrial production gains accelerated in June to meet the firing volume of new orders. The labor market continued to benefit as the unemployment rate in June dropped to 10 percent ' nations he fourth consecutive monthly decline. Housing starts reached an annual rate of 1.8 million in May - twice the rate prevailing -- when the housing recession touched bottom more than a year ago. Stable or dedining interest rates are the keys to a sustained TOSEBLY Full line of Trees & Shrubs including: Blue Spruce Aspens Bedding Plants Mugho Pines Flowering Shrubs Planting, Landscaping & Delivery services available 4497 N. Highway 224 (Located Vi mile North of Park West) 649-136- 3 "T economic recovery into 1984. Nevertheless, in June, just six months alter the recession toadied bottom, interest rates firmed noticeably. Treasury bills increased from 8 percent to 9 percent and Treasury bonds rose from 10V4 The percent. percent to 11 prime lending rate has remained unchanged at 10 percent, but conventional mortgage rates rose from 12 percent to 13 percent. The primary factor generating the higher interest rates was tiie fear that excessive money supply expansion would lead to a firming in monetary policy. While it is dear that Federal Reserve policy in June was slightly less accommodative than prior months and additional modest tightening moves may lie ahead, the Fed la keenly aware that any Increase in interest rates would not only jeopardize the domestic economic recovery, hut would else seriously aggravate the international debt and credit problems. |