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8 LONG TITLE
9 General Description:
10 This resolution recognizes Utah as a leader in budgetary and fiscal sustainability, and
11 calls on the federal government to establish a Fiscal Sustainability Commission and
12 amend the United States Constitution.
13 Highlighted Provisions:
14 This resolution:
15 ▸ recognizes the state of Utah as a leader in fiscal responsibility, sustainability, and
16 management;
17 ▸ recognizes some of the efforts and methods used by the state of Utah to enable
18 fiscal sustainability; and
19 ▸ calls on the federal government to adopt similar fiscal sustainability strategies and
20 establish a Fiscal Sustainability Commission and propose a Constitutional Fiscal
21 Sustainability Amendment.
22 Special Clauses:
23 None
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25 Be it resolved by the Legislature of the state of Utah, the Governor concurring therein:
26 WHEREAS, the state of Utah has been and remains a leader in the nation in fiscal
27 responsibility and sustainability;
28 WHEREAS, the state of Utah has been prudent in the management of its financial
29 resources;
30 WHEREAS, the state of Utah balances its budget every year;
31 WHEREAS, the state of Utah has created statutory stabilization funds to provide
32 stability and sustainability, such as the General Fund Budget Reserve Account, the Education
33 Fund Budget Reserve Account, and the Medicaid Budget Stabilization Restricted Account;
34 WHEREAS, the state of Utah monitors in great detail other funding sources, including
35 federal revenues;
36 WHEREAS, the state of Utah employs a robust approval and monitoring process for
37 new and existing federal funds;
38 WHEREAS, the Legislature receives reports and analysis of federal funds annually, and
39 accounts for those funds in budgetary decision making;
40 WHEREAS, these and other measures are included in the efforts of the state of Utah to
41 ensure fiscal sustainability and responsibility for the state of Utah and its citizens;
42 WHEREAS, federal public debt/gross domestic product exceeds 100%, is at an all-time
43 high, and is increasing;
44 WHEREAS, over 70% of federal spending is deemed to be mandatory and is
45 increasing;
46 WHEREAS, the Treasury Department, the Government Accountability Office, and a
47 variety of parties have publicly acknowledged that the federal government is on an imprudent
48 and unsustainable fiscal path;
49 WHEREAS, acting sooner rather than later to address this structural fiscal imbalance
50 would require fewer changes, provide additional transition time, and reduce the likelihood of a
51 future financial crisis;
52 WHEREAS, significant adverse consequences will likely be imposed on the states and
53 the American people if the federal government fails to address its large and growing fiscal
54 imbalances:
55 NOW, THEREFORE, BE IT RESOLVED by the Legislature of the state of Utah, the
56 Governor concurring therein, that the time has come to create a statutory federal Fiscal
57 Sustainability Commission to actively engage the American people and make a range of
58 budget, spending, tax, and other recommendations that would be designed to reduce the public
59 debt to gross domestic product ratio to a reasonable and sustainable level within a specified
60 time period.
61 BE IT FURTHER RESOLVED that the Legislature and the Governor find that the
62 Congress of the United States should propose a Constitutional Fiscal Sustainability
63 Amendment that would be designed to stabilize the public debt to gross domestic product ratio
64 over time and include other appropriate provisions designed to promote financial accountability
65 and fiscal sustainability.
66 BE IT FURTHER RESOLVED that the Legislature and the Governor find that if the
67 Congress fails to propose such a constitutional amendment by December 31, 2022, the states
68 should complete the steps necessary within the constitutional powers of the state to achieve the
69 above objectives.