(KCPW News) The Salt Lake Chamber of Commerce is urging voters to support Constitutional Amendment B, which would allow money from more sources to be deposited in the state's permanent trust fund. Chamber Vice-President Robin Riggs says allowing revenues from natural resource extraction to go into the fund is a good move.
"Any prudent fiscal practice like this is good for business and good for the business community and that is why we think it is important to be wise in the use of our money, and especially natural resources. As these things are depleted, this would be a good way to, to be able to use them many, many decades after they have been depleted," Riggs said.
In 1998, Utah received money as part of a nationwide tobacco settlement, and in 2001, the state constitution was amended to create a trust fund for the money.
Riggs says expanding revenues for state trust funds has been a successful venture in other states.
"Other states that are rich in mineral resources, and oil and gas and so forth, have similar accounts in their constitutions, and I know that for example New Mexico, they have a huge fund already built up. And so the idea would be as you build up a fund like this, you leave the principal in place and then you can spend the interest on that for whatever needs that the legislature may deem important and necessary," Riggs said.
Amendment B is one of five constitutional amendments on the ballot. For more information on all five of them click here.