ZionsBankEconomicOverview

“AchievingGrowthinaMurkyEconomicEnvironment”

UtahBusinessCoalitionTaxBreakfast

October18,2017

National Economic Conditions

DowBreaks23,000– TheTrumpBump

Source:WallStreetJournal

DowReachesNewHeightsFollowingU.S.PresidentialElection

BusinessOptimismBoomsPostElection

Source:TradingEconomics,NFIBSmallBusinessOptimismIndex

CurrentLevelofConsumerConfidenceRemainsHigh

50

60

70

80

90

100

110

120

130

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

Dec-16

Mar-17

Jun-17

Above110indicateseconomicprosperity

Source:TheConferenceBoard

Trumponomics•RepealandreplacetheAffordableCareAct• TaxReform• Increasespendingoninfrastructureandmilitary•Reducegovernmentregulations•Renegotiatetradedeals

•Butcantheygetitdone…?

SeptemberReversed83ConsecutiveMonthsofJobCreationintheUnitedStates

-900

-700

-500

-300

-100

100

300

500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Employ

men

tCha

ngeinth

ousand

s

8.7MillionJobsLost

16.4 MillionJobsRecovered

Source:BureauofLaborStatistics

Thou

sand

sCumulativeJobLossbyMonthsofRecession

Source:EulerHermesanalysisofBureauofLaborStatisticsData

Thou

sand

s

Source:EulerHermesanalysisofBureauofLaborStatisticsData

CumulativeJobLossbyMonthsofRecession

80

90

100

110

120

130

140

150

0 5 10 15 20 25 30 35 40

Inde

x

PeriodsfromValueScaledto100

2007Recession 2001Recession 1990Recession1981Recession 1980Recession 1973Recession

SlowerRecoverythanPastRecessions

Source:FederalReserveBankofSt.Louis

UnemploymentContinuesLower

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0% 19

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

1320

1420

1520

1620

17

5.0%=FullEmployment

Source:BureauofLaborStatistics

Wagegrowthhasbeenflatdespiteafallingunemploymentrate

1% 2% 3% 4% 5% 6% 7% 8% 9%

10%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

AnnualWageGrowth UnemploymentRate

FullEmployment=5%

Source:BureauofLaborStatistics

Laborproductivityhasdeclinedsincestronggrowthduringlate1990’sandearly2000’s

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Realoutputperhour

Percen

tCha

ngefrom

Qua

rterOne

Yea

rAgo

Source:BureauofEconomicAnalysis

Source:U.S.BureauofLaborStatistics

62%

63%

64%

65%

66%

67%

68%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

LaborForceParticipationSeeingaSlightRise

Sept:63.1%

56%

58%

60%

62%

64%

66%

68%

1955

1957

1959

1961

1963

1965

1967

1969

1971

1973

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

Source:U.S.BureauofLaborStatistics

LaborForceParticipationAmongLowestLevelinAlmost40Years

Sept201763.1%

Mar200067.3%

Apr197863.0%

BabyBoomersHeadforRetirement

20% 22% 24% 26% 28% 30% 32% 34% 36% 38%

60% 61% 62% 63% 64% 65% 66% 67% 68%

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

U.S.ParticipationRate Age55+ShareofWorkingAgePop

U.S.Partic

ipationRa

teShareof55+

Source:ZionsBankAnalysisofFederalReserveBankofSt.Louis

Long-TermDeclineoftheTeenageWorkforce

30% 35% 40% 45% 50% 55% 60% 65% 70%

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

U.S.LaborForceParticipationRate ParticipationRateAges16-19

Source:FederalReserveBankofSt.Louis

FewerUnemployedWorkersPerJobOpening

0

1

2

3

4

5

6

7

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Unemployed/Openings

Source:FederalReserveBankofSt.Louis

July20171.1

Sources:BureauofLaborStatisticsandBureauofEconomicAnalysis;Note:CoreCPIandCorePCErepresentallitemslessfoodandenergy

0.0%

0.50%

1.0%

1.50%

2.0%

2.50%

3.0%

3.50%20

05

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Year-overchange

U.S.CoreCPI U.S.CorePCE

CoreCPIvs.CorePCE

AugustCoreCPI1.7%

AugustCorePCE1.3%

-10%-8%-6%-4%-2%0%2%4%6%8%

10%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

q1

2018

f

GDPPercentChange

NationalGDPGrowth

Sources:BureauofEconomicAnalysis,State of Utah Revenue Assumptions Working Group; f=forecast

Forecast

0

1

2

3

4

5

6

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Source:U.S.FederalReserve

FederalFundsTargetHasRisenFourTimesintheLastDecade

FederalFundsTargetRate=1.25

September2017FedProjectionsPointtoHigherRates

Source:BoardofGovernorsoftheFederalReserve

$0.00T

$0.50T

$1.00T

$1.50T

$2.00T

$2.50T

$3.00T

$3.50T

$4.00T

$4.50T

$5.00T

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Mortgage-Backed Securities U.S. Treasury Securities Federal Agency Debt Other

QE1 QE2 QE3Recession

ExplosionintheFederalReserve’sBalanceSheet

Source: Federal Reserve Bank of St. Louis

-1.0%

-0.50%

0.0%

0.50%

1.0%

1.50%

2.0%

2.50%

3.0%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Source:FederalReserveBankofSt.Louis

YieldCurveShowingSignsofDistress10-yearminus2-yearspread

Regional Economic Conditions

PercentChange:2015to2016U.S.Rate=0.7%

Loss

0.2%to0.6%

1.5%+

0.0%to0.1%

NM0.0%

UT2.0%

AZ1.7%

CA0.7%

NV2.0%

OR1.7%

TX1.6%

OK0.4%

CO1.7%

WA1.8%

ID1.8%

MT1.0%

WY-0.2%

ND0.1%

SD0.9%

MN0.7%

NE0.7%

KS0.3%

IA0.4%

MO0.3%

AR0.3%

LA0.3%

WI0.2%

IL-0.3%

IN0.3%

OH0.1%

FL1.8%

TN 0.9%

KY 0.3%

MS0.0%

AL0.2%

GA1.1%

SC1.4%

NC 1.1%

VA0.5%

WV-0.5%

PA-0.1%

NY0.0%

ME0.2%

AK0.6%

HI0.2%

MA0.4%

VT-0.2%

NH0.4%

RI0.1%

CT-0.2%

NJ0.1%

DE0.8%

MD0.4%

MI0.1%

DC1.6%

KS0.0%

UtahPopulationFastest GrowinginU.S.

Source:U.S.CensusBureau

0.7%to1.4%

-20000-10000 0100002000030000400005000060000700008000090000

0300,000600,000900,000

1,200,0001,500,0001,800,0002,100,0002,400,0002,700,0003,000,0003,300,0003,600,000

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

NetMigration NaturalIncrease TotalPopulation

34,997

3,051,217

25,412

2017

f20

18f

Sources:U.S.CensusBureau;Datafrom2014onfromStateofUtahRevenueAssumptionsWorkingGroup

TotalPop

ulation

ComponentsofPopulationChange

e=estimate,f=forecast

UtahPopulationandComponentsofChange

UtahPopulationGrowthRatesByCounty

2015to2016StateAverage=2.0%

Box Elder2.2%

Cache2.2%

Rich1.0%

Weber 1.7%

Tooele3.1%

Salt Lake1.5%

Morgan3.1%

Summit2.1%

Daggett -1.4%

Utah3.0%

Wasatch4.7% Duchesne

-2.1% Uintah-3.7%

Juab4.2%

Sanpete2.1%

Carbon-0.2%

Emery-1.3% Grand

0.9%

Millard0.4%

Piute-2.5%

Garfield-0.1%

Sevier1.6%

Wayne0.0%

San Juan7.6%

Iron3.4%

Beaver1.9%

Washington3.1%

Kane3.0%

Davis 1.9%

Source:U.S.CensusBureau

1.0%to1.7%

0.0%to0.9%

1.8%to2.9%

Loss

3.0%+

Source:U.S.CensusBureauandUniversityofUtahKem C.GardnerPolicyInstitute

Utah’sPopulationContinuestoGrow

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

1900

1910

1920

1930

1940

1950

1960

1970

1980

1990

2000

2010

2020

2030

2040

2050

2060

1900-2060

Utahhasthe4th highest employmentgrowthinthenation

NM1.1%

UT2.6%

AZ1.3%

CA1.6%

NV3.0%

OR2.3%

TX2.5%

OK1.2%

CO1.8%

WA2.1%

ID2.2%

MT1.6%

WY-0.9%

ND1.3%

SD0.8%

MN1.5%

NE1.3%

KS-0.6%

IA1.1%

MO1.8%

AR1.9%

WI0.96

IL0.4%

IN1.0%

OH1.0%

FL2.6%

TN 1.8%

KY1.6%

MS0.6%

AL1.4%

GA2.7%

SC1.7%

NC 1.6%

VA1.5%

WV0.1%

PA1.0%

NY1.4%

ME1.0%

AK0.1%

HI0.6%

MA1.6%

VT0.6%

NH2.1%

RI1.9%

CT0.4%

NJ0.9%

DE0.6%

MD2.3%

MI1.4%

DC1.7%

1.6%to1.9%

2.0%+

1.0%to1.5%

0.0%to0.9%

PercentChangeinEmploymentforStates:August2016toAugust2017U.S.Rate=1.4%

Loss

Note:SeasonallyAdjustedSource:BureauofLaborStatistics

LA1.2%

800

900

1,000

1,100

1,200

1,300

1,400

1,50019

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

1320

1420

1520

1620

17

Thou

sand

sofE

mployee

s

TotalNonfarmEmployment

Lossof92,000jobsfrom2007-2009

Gainof299,000jobsfromlowin

2009

Source:U.S.BureauofLaborStatistics,TotalnonfarmseasonallyadjustedNote:Numbersroundedtonearestthousand

UtahTotalEmploymentatNewHighs

2.0% 3.5%

2.0% 3.3%

5.0% 2.2%

-5.0% 2.4% 2.5%

6.2% -8.0%

-13% -8% -3% 2% 7% 12%

GovernmentOtherServices

Leisure&HospitalityEd.&HealthServ.Prof.&Bus.Serv.FinancialActivity

InformationTrade,Trans.,Utilities

ManufacturingConstruction

Ntl.Res.&Mining

PercentChangeinUtahEmploymentbyIndustry:August2016toAugust2017

Total:2.8%

UtahIndustriesSeeingGrowth

Source:UtahDepartmentofWorkforceServices

4,500

1,400

2,900

6,100

10,300

1,800-1,900

6,500

3,100

5,900

-700

-3,000 -1,000 1,000 3,000 5,000 7,000 9,000 11,000

Government

OtherServices

Leisure&Hospitality

Ed.&HealthServ.

Prof.&Bus.Serv.

FinancialActivity

Information

Trade,Trans.,Utilities

Manufacturing

Construction

Ntl.Res.&Mining

Total:39,900

UtahIndustriesSeeingGrowthTotalChangeinUtahEmploymentbyIndustry:August2016toAugust2017

Source:UtahDepartmentofWorkforceServices

UtahEmploymentChangeRatesByCounty

August2016toAugust2017StateRate=2.8%

Source:UtahDepartmentofWorkforceServices;Notseasonallyadjusted

1.0%to3.2%

0.0%to0.9%

5.0%+

3.3%to4.9%

Loss

Box Elder 2.4% Cache2.7% Rich

-1.4%Weber 2.1%

Tooele1.2%

Salt Lake2.7%

Morgan3.0%

Daggett -1.8%

Utah5.7%

Wasatch3.5% Duchesne

3.3% Uintah0.6%

Juab1.1%

Sanpete1.3%

Carbon-1.3%

Emery-3.3% Grand

2.7%

Millard2.1%

Piute4.2%

Garfield2.6%

Sevier2.7%

Wayne1.7%

San Juan1.7%

Iron4.6%

Beaver3.0%

Washington4.9%

Kane3.2%

Da1is 4.0%

Summit2.2%

UtahUnemployment12th lowestintheNationAugust2017U.S.Rate=4.4%

HI2.6%

NH2.7%

NM6.3%

UT3.5%

AZ5.0%

CA5.1%

NV4.9%

OR4.1%

TX4.2%

OK4.5%

CO2.4%

WA4.6%

ID2.9%

MT3.9%

WY4.0%

ND2.3%

SD3.3%

MN3.8%

NE2.8%

KS3.9%

IA3.3%

MO4.0%

AR3.5%

LA5.2%

WI3.4%

IL5.0%

IN3.5%

OH5.4%

FL4.0%

TN 3.3%

KY5.4%

MS5.3%

AL4.2%

GA4.7%

SC4.0%

NC 4.1%

VA3.8%

WV5.0%

PA4.9%

NY4.8%

ME3.8%

AK7.2%

MA4.2%

VT3.0%

RI4.3%

CT4.8%

NJ4.5%

DE4.9%

MD3.9%

MI3.9%

DC6.4%

Source:BureauofLaborStatistics

6.0%+

5.5%to5.9%

4.8%to5.4%

4.0%to4.7%

3.9%orless

UtahUnemployment

RatesByCounty

August2017

StateRate=3.5%

Source:UtahDepartmentofWorkforceServices

4.0%to5.9%

6.0%to6.9%

3.1%orlower

3.2%to3.9%

7.0%+

Box Elder3.4%

Cache2.9%

Rich3.3%

Tooele3.8%

Morgan3.1%

Summit3.2%

Utah3.0%

Wasatch3.5% Duchesne

5.6% Uintah6.0%

Juab3.6%

Sanpete4.1%

Carbon5.3%

Emery5.6% Grand

5.4%

Millard3.5%

Piute5.6%

Garfield7.6%

Sevier4.1%

Wayne7.8%

San Juan7.1%

Iron4.1%

Beaver3.8%

Washington3.6%

Kane3.5%

Daggett 5.9%Davis3.2%

Salt Lake3.2%

Weber 3.8%

Source:BureauofEconomicAnalysis

PercentChangeinPersonalIncome:2016Q1–2017Q1U.S.=3.7%;UT=4.9%ID= 4.9% NH

3.1%

NM2.2%

UT4.9%

AZ3.8%

CA4.8%

NV4.8%

OR3.8%

TX3.2%

OK1.2%

CO4.4%

WA4.9%

ID4.9%

MT3.7%

WY-0.5%

ND1.0%

SD2.5%

MN3.6%

NE1.2%

KS2.5%

IA1.9%

MO3.5%

AR3.1%

LA3.0%

WI3.1%

IL2.2%

IN4.0%

OH3.6%

FL4.6%

TN 4.4%

3.82.6%

MS2.4%

AL3.2%

GA3.8%

SC4.6%

NC 4.4%

VA4.4%

WV1.9%

PA3.9 %

NY3.0%

ME2.9%

AK1.6%

HI3.0%

MA3.8%

VT1.6%

RI3.0%

CT2.5%

NJ3.5%

DE3.6%

MD4.9%

MI4.4%

DC4.4%

3.6%to3.9%2.0%to3.5%

4.0%ormore

0.0%to1.9%Decrease

Utah,Idaho,andWashingtonTiedforHighest PersonalIncomeGrowthintheCountry

Source:U.S.CPIfromNationalBureauofLaborStatisticsandWasatchFrontCPIfromCiceroGroup

-1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5%

Aug-11

Dec-11

Apr-12

Aug-12

Dec-12

Apr-13

Aug-13

Dec-13

Apr-14

Aug-14

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

UnitedStatesCPI:+1.9%

ZionsBankWasatchFrontCPI:+3.4%

ConsumerPriceIndexYearlyGrowthUnitedStatesvs.WasatchFront

Sources:StateofUtahRevenueAssumptionsWorkingGroup,Moody’sEconomy.com,IHSGlobalInsights e=estimatef=forecast

0 1 2 3 4 5 6 7 8

RetailSales

HomePrices

PersonalIncome

UnemploymentRate

NonfarmEmployment

Population

2015 2016e 2017f 2018f

UtahEconomicIndicators2015-2018f

US and Utah Tax System

ComponentsofFederalTaxReform• IndividualIncomeTaxes

• Reducefromseventofourtaxbrackets• Doublestandarddeduction– to$24,000formarriedcouples• Increasechildtaxcredit• Eliminatestateandlocaltaxdeduction• Eliminatepersonalexemptions• RepealtheAlternativeMinimumTax– forearners$200kto$1m• Repealtheestatetax– forthosewithnetworthabove$5.5m

• CorporateTaxes• Cutcorporateratefrom35%to20%• Cutratesforsmallbusinessesandpass-throughbusinesses• Switchto“territorialsystem”– whereoverseasprofitstoUScompaniesnolongersubjecttoUStaxes

5/18/173:25AM 41

Tax Fundamentals

WhyShouldWeLookatUtahTaxes?

• Oureconomyischangingbutourtaxsystemisnot• We’renolongertaxingwhatpeopleareconsuming• Growthratesinthreemajortaxsystemsarediverging• Increasedrelianceononetaxsystemisleadingtogreatervolatility• Revenuewon’tsupportcurrent“lifestyle”inthelong-run• Complexitycannotbeaddressedthroughcitizeninitiative

• Solution:BroadentheBaseandLowertheRate

5/18/173:25AM 43

FutureChallenges• Growing(andAging)Population

• InfrastructureNeeds• Roads• Water• Corrections

• Healthcare• Medicaid

5/18/173:25AM 45

DesigningaTaxSystem

If you had a blank sheet of paper – if you could start over – what criteria would you use to design the state’s tax system?

Utah’sTreesofTaxationTransparent

Revenue sufficient

Efficient

Equitable

Simple

TheThree-LeggedStoolofTaxation

Property TaxSales Tax

Income Tax

HistoryofUtah’sTaxes

Source: Utah Foundation

1849 – Property Tax 1896 – Statehood 1923 – Motor Fuel Tax1931 – Income Tax1933 – Sales Tax1937 – Use Tax1937 – Severance Tax1959 – Revision of the Tax System2007 – Last Round of Tax Reform

Utah’sStrongEconomyistheResultofTaxReform

Utah’s Conditions

UtahEmploymentbyIndustryasaShareofTotalStateEmployment

Government26%

Farm5%

Mining3%

Construction4%

Manufacturing12%

Transportation &public utilities

5%

Trade20%

Finance, insurance, and real estate

6%

Services 17%

Source: Bureau of Economic Analysis

SIC Industry1969 2001

Government 15%

Farm1% Mining

1% Construction

7%

Manufacturing10%

Transportation & public utilities

5%

Trade 21%

Finance, insurance, and real estate

10%

Services31%

M ining2%

C o nstruct io n7%

M anufacturing8%

T rade, T rans., Ut ilit ies

17%

Info rmatio n2%

F inancial A ct ivity

10%

P ro fessio nal & B usiness

Services13%

Educatio n & H ealth

Services11%

Leisure & H o spitality

9%Other Services

6%

Go vernment15%

M ining1%

C o nstruct io n6%

M anufacturing8%

Info rmatio n1%

P ro fessio nal & B usiness

Services16%

Educatio n & H ealth

Services24%

Leisure & H o spitality

7%Other Services

5%

Go vernment11%

F inancial A ct ivity

8%

T rade, T rans., Ut ilit ies

13%

Achangingeconomy…

Source: 2005 Baseline Projections, Utah Governor’s Office of Management and Budget

NAICS Industry2005 2050

ConsumptionisShifting

Property Tax

Sales Tax

Income Tax

This can lead to an unbalanced stool.

GeneralPatternforTotalNonagriculturalWages

1980 1985 1990 1995 2000

0

2

4

6

8

Percentage

(inflation added)Pe

rcen

tage

Cha

nge

PropertyTax

SalesandUseTax

IndividualIncomeTax

CorporateIncomeTax

65

IncreasedVolatilityinTaxCollections

Sources:CensusBureau,BEA,Moody’sAnalytics

Standarddeviationofannual%change

Year-OverPercentChangeinUtah’sSales&UseTaxBase

(0.15)

(0.10)

(0.05)

0.00

0.05

0.10

0.15

0.2019

78.4

1979

.419

80.4

1981

.419

82.4

1983

.419

84.4

1985

.419

86.4

1987

.419

88.4

1989

.419

90.4

1991

.419

92.4

1993

.419

94.4

1995

.419

96.4

1997

.419

98.4

1999

.420

00.4

2001

.420

02.3

2003

.420

04.4

2005

.420

06.4

2007

.420

08.4

2009

.420

10.4

2011

.420

12.4

StateandLocalSales&Use,IndividualIncome,andPropertyTaxRevenues

FY1970toFY2014

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.519

7019

7219

7419

7619

7819

8019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

0620

0820

1020

1220

14

Billion

s

IndividualIncomeTax

SalesandUse- StateandLocal

Property

0% 10% 20% 30% 40% 50% 60% 70% 80%

SalesTaxBaseasa%ofUtahGDPSalesTaxBaseasa%ofUtahPersonalIncome

Sales&UseTaxBaseGrossTaxableSalesasa%ofGDPandPersonalIncome

Overthelongterm,thesalesandusetaxbaseisgraduallydecliningrelativetotheeconomyasawhole.

Changingpurchasingpatterns• Goodsbecomingrelativelycheaper• Agingpopulation• Moreservicesarebeingpurchased• Costofmedicalservicesoutpacinginflation• Sharingeconomy

Remotetransactions

Technologicalchange• Digitizationofgoods(software,books,music)

Legislatedexemptions

Sources: “E-Commerce in the Context of Declining State Sales Tax Bases”Donald Bruce & William Fox. National Tax Journal. Vol. LII No. 4, Part 3.

Whyisthebaseshrinking?

TaxReformOptions• Salestaxonfood• LocalOptionSalesandUseTaxes• Exemptions• Earmarking• TransportationFunding• ExpandingTaxesonServices• BetterEnforcementofUseTaxonRemotePurchases• SingleSalesFactoronCorporateTaxes• Increasedemphasisofuserfees• Reducetaxesonbusinessinputs• Focusontaxingfinalconsumption• Earnedincometaxcredit

BenefitsofReform

• Increasedstability• Reducedrisk• Greatercertainty• GreaterabilitytofundneededgovernmentprogramsintheGeneralFund

RobertSpendloveEconomicandPublicPolicyOfficer

Email:Robert.Spendlove@zionsbank.comPhone:801-560-5394

ZionsBank,ADivisionofZB,N.A.MemberFDIC.

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