Idaho Tax Revenues Up, Could Mean Surplus for State Budget
BOISE, Idaho (AP) — The latest revenue report shows that Idaho state tax revenues in August came in 2.2 percent ahead of forecasts and 6 percent higher than last August.
The Idaho General Fund Revenue Report shows general fund revenues at $530.3 million during the first two months of the fiscal year that began in July. That's 3.3 percent ahead of forecasts and 7.8 percent ahead of the same period last year. The Spokesman-Review reports that things could change but if the trend holds, the state could have a $64.5 million surplus by July 1.
The Legislative Budget Office says in addition to higher-than-expected revenues in July and August, the general fund also got a $19.1 million boost last month due to unspent funds being returned from the Department of Health and Welfare. State economists also revised the revenue forecast to $28.3 million more than it was when lawmakers set the budget in the spring.