SALT LAKE CITY, February 11, 2013 – Financial Ready Utah, a non-profit organization led by the Utah Association of Certified Public Accountants, will conduct a news conference on Tuesday, February 12, at 12:15 p.m. in the Capitol board room at the Utah State Capitol. The conference will be conducted by Kent Thomas, CPA, President-elect of the Utah Association of CPAs and will include the announcement of legislative bills presented by Representative Ken Ivory and Senator Deidre Henderson with remarks from State Auditor John Dougall.

“In Utah, we pride ourselves on our fiscal responsibility,” Representative Ivory says. “The painful truth is that 40% of our state spending comes from a federal government that borrows 40 cents of every dollar it spends.” Senator Henderson, who got involved in the political process as the campaign manager for Jason Chaffetz, says, “when I saw federal deficits hit 500 billion dollars, that’s when I felt compelled to get involved. With six trillion dollars in accumulated debt since then, what I wouldn’t give to see annual deficits of only half a trillion dollars.”

The following is an outline of the Financial Ready Utah Package of bills:

SB 70 Federal Funds Commission: This Bill creates a Federal Funds Commission to assess the risk of a reduction in the amount or value of federal funds into the state and how to reduce the dependency of state and local governments on federal funds.
Chief Sponsor: Sen. Deidre Henderson
House Sponsor: Rep. Ken Ivory

SCR7 Concurrent Resolution to Reduce Utah’s Dependence on Federal Funds: This Resolution details what Erskine Bowles calls “the most predictable economic crisis in history” and calls on Utah, its subdivisions, communities and families to lead out in our state and our nation to provide for greater opportunities for future generations.
Chief Sponsor: Sen. Aaron Osmond
House Sponsor: Rep. Eric Hutchings

SJR7 Joint Rules Resolution on Revenue Estimates for Federal Funds: This Resolution establishes the legislative procedures for taking into account in the budgeting process the risk of a reduction in the amount or value of federal funds.
Chief Sponsor: Sen. Wayne Harper
House Sponsor: Rep. Brian Greene

SB138 Amendments to Requirements for Governor’s Proposed Budget: This bill establishes the requirement for taking into account in the Governor’s proposed budget the risk of a reduction in the amount or value of federal funds.
Chief Sponsor: Sen. Wayne Harper
House Sponsor: Rep. Steve Handy

HB195 Budgetary Procedures Act Revisions: This Bill establishes the Rainy Day Funding criteria to account for the risk of a reduction in the amount or value of federal funds.
Chief Sponsor: Rep. Ken Ivory
Senate Sponsor: Sen. Steve Urqhart

HB205 Contingency Plans for Political Subdivisions: This Bill extends the contingency planning requirements of HB138 Federal Receipts Reporting Requirements (2011) to political subdivisions.
Chief Sponsor: Rep. Ken Ivory
Senate Sponsor: Sen. Deidre Henderson

SB158 Municipal General Fund Amendments: This Bill increases the Rainy Day cap for municipalities to deal with contingencies.
Chief Sponsor: Sen. Deidre Henderson
House Sponsor: Rep. Ken Ivory

About Financial Ready Utah
Financial Ready Utah was created by Utah’s CPA community, chambers of commerce, state legislators, community leaders, educators and others who are invested in taking action on securing a sustainable future for our families. Individuals have come forward to leverage their voices in an effort to prepare for a “financial earthquake” in the spirit of Be Ready Utah. Learn more about Financial Ready Utah at www.financialreadyutah.com.

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