BUSINESS + ECONOMY
Cox announces full recommendations for fiscal year 2024 budget
Dec 9, 2022, 7:30 PM
Gov. Spencer J. Cox speaks the Capitol in Salt Lake City on Monday, Feb. 28, 2022. Gov. Cox joined Inside Sources on Wednesday, May 3, 2023, to discuss Utah's way of bridging divides and getting things accomplished. (Mengshin Lin/Deseret News)
(Mengshin Lin/Deseret News)
SOUTH JORDAN, Utah — Gov. Spencer Cox and Lt. Gov. Deidre Henderson released their full budget recommendations and priorities Friday for the fiscal year 2024 budget.
On Thursday, Cox announced part of his recommendations with $1 billion in tax cuts and a salary increase for all teachers in the state. Other parts of the budget recommendations include investments in the quality of life. Additionally, assistance for Utah families and young Utahns were also included in the recommendations.
“This is a budget that reflects fiscal conservatism and family values by investing in people, and expanding opportunities for Utahns across the state,” Cox said in a news release. “Our state is growing, and this budget invests in the things that we know work.”
According to a news release, specific recommendations to assist families and young Utahns include funding for mental health. Other recommendations include assistance for first-time home buyers, resources for domestic violence prevention and support for victims.
In terms of investing in the quality of life, the budget is focused on ensuring there are realistic housing options for everyone. The recommendations include affordable housing tax credit and loans, and support for homeowners and homebuyers.
The 2024 budget and the drought
Cox has also recommended that more than $500 million be invested in combating the drought. This funding will include investments in water conservation, quality, research, infrastructure and management. Additionally, $132.9 million will be set aside for the Great Salt Lake. Another $217.9 million will go toward statewide water conservation and supply management that will have both medium- and long-term positive impacts on the lake.
The entire proposed budget by the governor can be viewed here.
To view graphics on the proposed budget, click here.
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