U TAH S TATE BUDGET E ARMARKS, D EBT AND T RANSPORTATION Presentation by Natalie Gochnour Associate Dean, University of Utah Chief Economist, Salt Lake.

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Presentation transcript:

U TAH S TATE BUDGET E ARMARKS, D EBT AND T RANSPORTATION Presentation by Natalie Gochnour Associate Dean, University of Utah Chief Economist, Salt Lake Chamber February 3, 2014

Source: Utah Department of Workforce Services Utah Job Count

Source: Utah Legislative Fiscal Analyst, 12/17/2013

U TAH E ARMARKED S ALES T AX R EVENUE Source: Governor’s Office of Management and Budget

U TAH N ET G ENERAL O BLIGATION D EBT PER C APITA Source: 2013 Comprehensive Annual Financial Report, Utah Division of Finance, Oct. 23, 2013, p

U TAH O UTSTANDING G ENERAL O BLIGATION D EBT Source: Governor’s Office of Management and Budget

Source: Utah Legislative Fiscal Analyst, 12/17/2013 U TAH ’ S D EBT S ERVICE R ATIO C OMPARED TO O THER M OODY ’ S AAA-R ATED S TATES

F IVE -Y EAR B UDGET P OSITION FY13-FY17 Source: Utah Legislative Fiscal Analyst, 12/17/2013

T RANSPORTATION I NVESTMENT F UND E XPENDITURES FY14 Source: Utah Legislative Fiscal Analyst, 12/17/2013

B ORROWING FOR P ROJECTED O UTFLOWS Estimated Outstanding Debt & Constitutional Debt Limits Source: Utah Legislative Fiscal Analyst, 12/17/2013

B ENEFITS P RINCIPLE OF T AXATION Those who benefit the most from the transportation network should pay the most for its continued operation. Efficient – matches supply with the demand Curb overuse Reduce wear and tear Reduce traffic congestion Combat air pollution Ex. Someone driving 40 miles to work each day should pay more for roads than somebody who works from home.

Share of State & Local Road Spending Covered by User Fees Source: Tax Foundation and American Petroleum Institute U.S. Average and Bottom Ten States: 2011 Utah ranks 46 th lowest For user fee contribution

Motor Fuel Tax Comparisons Source: Tax Foundation and American Petroleum Institute As of January 2013

Source: US DOT, Summary of Fuel Economy Performance A VERAGE F UEL E FFICIENCY

Buying power of motor fuel tax has declined 45% since The 24.5 cents is now equivalent to 16.9 cents in inflation-adjusted terms. (Adjusted using CPI-U) B UYING P OWER Source: Salt Lake Chamber calculations