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Show Arguments Against 1. Proposition 4 will reduce education funding by millions of dollars over the next fewyears! This money will have to be replaced from other sources! Supporters of Proposition 4 claim that it will not reduce education funding. - They say it will only change the way that education is funded. This is untrue! Proposition 4 will transfer revenues into the state school fund that have historically been used for current education needs. Putting these revenues into the state school fund will decrease the amount of money available for immediate use. Many years will pass before the increase in interest on the state school fund equals the extra amount of revenue going into it. Until then, education funding will fall millions of dollars short of present levels. Utah's budget is already very tight. Providing extra funds to make up for the shortfall will be difficult. Raising taxes, or levying new taxes, will probably become necessary. Extra funds will have to be provided every year until the Interest on the state school fund equals the revenues from non-renewable resources. In short, Proposition 4 trill place a burden on taxpayers for years to come! 2. Proposition 4 will not really increase education funding for many years! Supporters of Proposition 4 claim that the increased interest from the state school fund will eventually pay a major part of Utah's education bill. With the additional revenue, taxes could be lowered. It will take many years to reach that pointl Consider the facts: If the annual revenues from non renewable resources continue to be about $7 million dollars (the 1983-1984 figure), It will be 10 years before the interest on the fund even replaces itseff! Even if Proposition 4 works the way its sponsors claim, jt will be a long-time before Utah taxpayers realize any benefit. On the other hand, taxpayers will probably see increased taxes riyht away! Proposition 4 will take too long to produce real benefits! 3. The state needs all current revenue sources' to fulfill its obligations! Utah's resources are strained to the limits. Many important programs have gone without funding because of lack of money. Proposition 4 will tie up millions of dollars in a trust fund. The state would benefit more from spending the money now! While the money might be useful in the future, it would definitely be useful now. There are also other considerations. Inflation may lessen the value of the dollars we save now. By saving money for the future instead of spending it now we may not be able to get the greatest value for our money. Spending money now on critical educational needs may reduce the amount of funding necessary for remedial programs later. For Utah's sake, we need to spend this money now! 25- VOTE "AGAINST" PROPOSITION 4! Senator Wilford R. Black Senate Minority Leader 826 North 1300 West Salt Lake City, Utah 84116 |
