June state tax revenues beat forecasts by $30M, close out fiscal year with $94M more than expected
Idaho’s state tax revenues for the month of June came in nearly $30 million higher than projected – 8.8 percent above the forecast and 9.9 percent higher than the previous June – bringing state tax revenues for the fiscal year that ended June 30 to $93.9 million ahead of forecasts. The strong revenue triggered two significant transfers to the state’s rainy-day fund, the Budget Stabilization Fund, which now has swelled to $318.7 million.
“This reflects great credit on our state’s fiscal discipline and sound public policies that put taxpayers first,” Gov. Butch Otter said in a statement. “Once again, the people of Idaho are leading the way both in terms of growing our economy and sustaining a state government that respects the fact that it’s their money.”
Lawmakers this year extended a “surplus eliminator” bill that had been in effect for the previous two years, decreeing that any unexpected state revenue surplus should be divided between rainy-day funds and road projects. In addition, the year’s revenue growth, since it exceeded 4 percent, triggered another automatic transfer of $31.8 million to the Budget Stabilization Fund.
June was the third straight month in which tax revenues exceeded forecasts. The largest surplus came in individual income tax receipts, which came in 10.6 percent ahead of forecasts. Corporate income tax receipts for the month were slightly below the forecast; sales taxes exceeded forecasts by 6 percent.
Lt. Gov. Brad Little said, “Our conservative fiscal approach to budgeting makes Idaho a shining example among states for how to keep their financial houses in order while delivering the critical public services that citizens need. While many others are struggling to keep their governments operating and digging out from staggering deficits, Idaho can focus on growing our economy and continuing to improve our public processes while reducing the burden on taxpayers.”
The strong revenues are a sign of a thriving economy.
State Controller Brandon Woolf said, “Because of the prudent, fiscally responsible decisions made by our state’s leaders, Idaho maintains a strong financial position going into the new fiscal year.”
House Speaker Scott Bedke said, “The new figures are great news. … We’re grateful to our citizens for providing the means, and we promise to continue living within them.”
