ADVERTISEMENT
Advertise Here
Archive

Eye On Boise

Idaho revenue outlook looking bright

Idaho’s updated revenue forecast for the coming year was released today, and Gov. Jim Risch said it shows the state could end up with another $200 million-plus surplus at the end of the 2007 fiscal year, on top of the current $203 million it has in the bank from the last fiscal year. “Our economy continues to perform very well,” Risch said. “The projection of a surplus for this fiscal year is not overly surprising. The growth trend has not slowed down in Idaho. … This is very good news for our legislators when they come to town next January.”

Figures from July, the first month of the current fiscal year, showed revenues $12.8 million over official state projections. That included an overage in individual income tax of $3.6 million, corporate income tax of $5.3 million, and sales tax of $3.2 million. Product and miscellaneous taxes also were up slightly.

The numbers bolster Risch’s proposal, to be considered in a special session of the Legislature next Friday, to shift $50 million of the current surplus into ongoing school funding. “There isn’t anyone who will tell you there isn’t $50 million” in ongoing money, Risch said jubilantly. “It’s showed up two years in a row now.”

Mike Ferguson, the governor’s chief economist, said the latest forecast also includes other positive revenue news, including that an extra penny on the sales tax now is forecasted to bring in $219 million annually, up from the previous estimate of $210 million. Risch is proposing to raise the sales tax a penny while reducing property taxes that now go to fund schools, and shift the sales tax proceeds plus some surplus funds to schools to make up their lost property tax funding.


Please keep it civil. Don't post comments that are obscene, defamatory, threatening, off-topic, an infringement of copyright or an invasion of privacy. Read our forum standards and community guidelines.

You must be logged in to post comments. Please log in here or click the comment box below for options.

comments powered by Disqus
« Back to Eye On Boise

Get blog updates by email

About this blog

Betsy Z. Russell covers Idaho news from The Spokesman-Review's bureau in Boise.

Named best state-based political blog in Idaho for 2013 by The Fix

Latest comments »

Read all the posts from recent conversations on Eye On Boise.

Search this blog
Subscribe to this blog
ADVERTISEMENT
Advertise Here