Gov. Butch Otter’s Division of Financial Management is presenting its latest revenue figures to JFAC; in October, state tax revenues were up $8.8 million over projections, for a year-to-date total of $22.8 million ahead of projections. Both individual and corporate income taxes are running well ahead of projections. Overall for fiscal year 2011, DFM economist Derek Santos said the prediction is for $2.36995 billion in state tax revenues, an increase of 4.7 percent over fiscal year 2010.
Wayne Hammon, DFM chief, told JFAC members, “I believe the current forecast is accurate as a breakdown by month. … It’s not skewed.” However, the fact that revenues so far aren’t growing by the full 4.7 percent could be a sign of further forecast revisions ahead, Hammon said.
Betsy Z. Russell covers Idaho news from The Spokesman-Review's bureau in Boise.
P.O. Box 2160, Spokane, WA 99210
Main switchboard: (509) 459-5000 • (800) 338-8801
Newsroom: (509) 459-5400 • (800) 789-0029
Customer service: (800) 338-8801