KSL News: Hard Times for Utah

Government budgets much worse than anticipated

By Danny

It looks like times will be getting a lot harder in Utah:

• Government budgets worse than anticipated

From the article:

Sales and use taxes, which fund general government and higher education, slumped 23 percent, nearly $100 million.

Income taxes, which pay for public schools, slid downward $40 million.

Taxes on corporations, the franchise tax, were in free fall, plummeting 73 percent.

Bob Springmeyer, President of Bonneville Research said, "That's one that I think is probably the most scary. That means that businesses are way down, that means employment is going to be down."

More from Springmeyer: "I think we're going to have a budget bloodbath this next legislative session."