Fiscal Highlights - October 2014
How Close Did We Come to the Cap on Sales Tax Earmarks for Transportation in FY 2014? -
Steven M. Allred ( PDF)Since 2005, the Legislature has earmarked portions of the sales tax for highway construction projects. The two earmarks that generate the most revenue are the 8.3% of sales tax earmark in UCA 59-12-103(8)(a)(i) and the 30% of sales tax growth (over the FY 2011 base earmark) in UCA 59-12-103(8)(a)(ii) (S.B. 229, 2011 G.S.) These two earmarks generated $271 million in FY 2014 as follows:
Statute (UCA 59-12-103(8)(b)(ii) caps deposits from those two earmarks to transportation projects at 17% of sales tax collections. In FY 2014, the 17% cap was approximately $359 million. Therefore, actual deposits were approximately $88 million under the cap.
In addition to the two capped earmarks, other sales tax earmarks for transportation include (FY 2014 Actual Amounts):
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