Wednesday, December 20, 2023
Utah Gov. Spencer Cox looks like Santa Claus with his proposed budget full of goodies
Urban Living
Posted By Babs De Lay on December 20, 2023, 4:00 AM
The governor just released his proposed 2024 budget for the Legislature to pick apart. It calls for $29.4 billion in total spending, which is an increase of $1.3 billion (4.5%) over 2023.
He's looking like Santa Cox with his ideas, like giving every Utah teacher a $6,000-per-year raise, a tax cut for families who have been hit hard by inflation, more money for infrastructure and innovative solutions for water issues—including the Great Salt Lake—and more money for mass transit.
Since most folks will never read the 188-page proposal, here's some highlights that may interest you: $132.9 million for helping the Great Salt Lake, with another $561 million for water conservation and $200 million for agricultural water optimization.
There's $53.5 million for mental health resources and $38.3 million allocated to policies to support families, $200 million going toward teacher salaries—including a $4,600 salary bump and benefits every year (totaling the $6,000 in new compensation mentioned above).
For parents, there's $70.7 million allocated for at-risk students and $40.8 million toward optional all-day kindergarten. His budget includes money for tuition for national guard members, $84 million in tax cuts directed to pregnant women and families.
But the money you might be most interested in has to do with a proposed $1 billion in tax relief for all Utahns, through a reduction in the income tax rate from 4.85% to 4.75% because revenues have skyrocketed as a result of our booming economy and $11.5 million for first-time home buyers. And if you're in school, there's a call for the Board of Higher Education to freeze tuition at all of Utah's public colleges and Universities.
There continues to be a strong demand for housing for new Utahns and first-time buyers. The Guv is wanting to give $2,500 toward vets who are first-time home buyers, and there's an $11 million appropriation that will hopefully help 730 Utahns purchase a home by providing an average grant of $15,000 for a down payment. There's a similar program being offered for law enforcement officers as well.
Folks getting a VA loan don't have to put any money toward a down payment but do have closing costs of their own. Non-vets generally pay 2% to 3% of the sales price as a charge of lender closing costs in addition to a down payment, so that $15,000 will come in handy for those 750 Utahns hoping to buy their first home.
And there's a proposed $100 million to go toward deeply affordable housing units and $25.5 million to go to a pilot program toward zero fares for a year on all public transit.
Oh Santa Cox, we want to believe! Hopefully you can convince your Legislative elves to agree to not just this kind of spending, but to permanently end mass transit fees for riders and keep funding monies for first-time home buyers! Ho Ho Ho!
About The Author
Babs De Lay
A full-time broker/owner of Urban Utah Homes and Estates, Babs De Lay serves on the Salt Lake City Historic Landmark Commission. A writer and golfer, you'll find them working as a staff guardian at the Temple at Burning Man each year.
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