Utah governor announces $242M in surplus revenue

SALT LAKE CITY (AP) – Gov. Gary Herbert says the state has finished the fiscal year with $242 million in surplus revenue in education funds.

Herbert’s office released the news Tuesday afternoon.

The surplus for the 2013 fiscal year, which ended June 30, is more than double the previous year’s extra $99 million.

About $120 million of this year’s surplus is automatically transferred to a “rainy day” reserve fund.

After the automatic transfer, an extra $122 million will be available to the state lawmakers to appropriate when they convene next January.

The state collected extra money as residents sold off assets in 2012 in anticipation of higher federal tax rates in 2013.

Herbert says in a statement that the surplus will help the state make critical investments in education and economic development.

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