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State tax revenues for May surpass forecast

Here’s a news item from The Associated Press:  BOISE, Idaho (AP) — May tax revenue beat forecasts by $4 million, moving Idaho closer to balancing its reduced 2010 budget with a month to go in the fiscal year. House Majority Leader Mike Moyle said May collections — about $144 million, according to preliminary figures — trimmed the budget shortfall through the fiscal year’s 11th month to $9.5 million, down from a $13.5 million shortfall after April. Still, Moyle remains concerned because of May sales tax receipts, a harbinger of economic activity, trailed expectations after exceeding them a month earlier. Lackluster sales-tax numbers were offset by a jump in miscellaneous tax revenue, including from mining activities. Moyle said, “You don’t bet the bank on miscellaneous mine tax revenue. The numbers you need to watch are June.” State economist Mike Ferguson has forecast Idaho will collect $238 million this month.


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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

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