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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
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Research
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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Budget timeline: Annual
Fiscal Year starts: July 1
Gov. Gary Herbert
Office of Governor Gary R. Herbert
State Capitol
Suite 200
Salt Lake City, UT 84114
Phone: (801) 538-1000
Fax: (801) 538-1557
http://www.utah.gov/governor/
Ron Bigelow, Executive Director
Governor's Office of Planning & Budget
State Capitol, Room 116
Salt Lake City, UT 84114
Phone (801) 538-1027
Fax (801) 538-1547
http://www.governor.utah.gov/gopb/
ronbigelow@utah.gov
Regular Session convenes January 23 and adjourns March 8.
Legislative Budget Leaders:
Rep. Patrick Painter (R), Chair, House Revenue & Taxation Committee, ppainter@utah.gov 435-660-1147
Rep. David Butterfield (R), Vice-Chair, House Revenue & Taxation Committee, dbutterfield@utah.gov 435-363-5239
Sen. Curtis S. Bramble (R), Chair, Senate Revenue and Taxation Committee, curt@cbramble.com 801-361-5802
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities.
Utah is required to pass a "balanced budget." Article 13, Section 9 of the 1895 Constitution states that expenditures shall not exceed total revenues. Section 63-38-10(3) requires the governor to reduce the budgetary allotments and transfer of funds by the amount of the revenue deficiency. These provisions did not prevent the State from reporting budget deficits (negative net transactions) on the last three years' Budgetary Comparison Schedules. Utah law also forbids the carrying over of a deficit from one year to the next.
For FY2007, the State maintains the following funds: the General Fund, the Education Fund, the Uniform School Fund, the Transportation Fund, the Transportation Investment Fund, and the Trust Lands Fund. The State also maintains a number of non-major governmental funds, but the exact amount is unclear. For FY2006, the state maintains all of the previously named governmental funds except for the Education Fund. For FY2005, the State maintains the following funds: the General Fund, the Uniform School Fund, Transportation Fund, the Centennial Highway Fund, and the Trust Lands Fund.
Each year, Utah budgets all of its major governmental funds, except for the Trust Lands Fund. Utah's CAFR also contains detail schedule of expenditures for all of its budgetary funds. In other states this has lead to confusion and the double counting of information. However, Utah's detail schedules are labeled clearly. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Budget Processes and Systems :
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HEADLINES: Maryland, Tennessee, Utah, Virginia
State of the States Following Super Committee Failure
Formed to revive the budget-cut stalemate that Congress could not overcome as a whole, the Super Committee is proving that partisanship rules, no matter the size. With the committee's failure nearly behind us, the states are looking toward the future of their budgets in the wake of automatic cuts and tightened purse strings.
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HEADLINES: Utah
State budget done, cuts not as deep as once expected
For the third year in a row, Utah lawmakers faced lower-than-needed revenue and a growing education system when working out the state's annual budget.
- View All Utah articles
K-12 Education :
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HEADLINES: Utah
Budget grows as state shakes off recession
Programs starved of cash in recent years get some consideration.
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HEADLINES: Utah
Utah governor unveils $12.9B budget proposal
Gov. Gary Herbert said he was boosting public education funding by a total of $111 million and funding for higher education by $93 million.
- View All Utah articles
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Solutions: Utah
File Subsidies: If you don't build it, they'll still come
The state should stop offering targeted tax subisidies to favored film companies and in stead reduce taxes for all businesses to help level the playing field and promote economic growth.
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Solutions: Utah
Utah: A Case Study for Pension Reform
Defined contributions are a potential solution to states' unsustainable pension liabilities.
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
-
"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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OPINION
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
- View All Pensions
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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BLOG: Pensions, Federal Government Impact
COMMENTARY: Fed screams softly in warning about public pension crisis
This is what it sounds like when the Federal Reserve Bank screams: "Much has been written about the various headwinds restraining economic activity over the near term. However, our economy also has other headwinds to confront over the medium- to-longer-term. ... the finances of some state and local governments are also under stress and in need of serious adjustments." - Federal Reserve Bank of Cleveland President Sandra Pianalto
