The first presentation to the Economic Outlook & Revenue Assessment Committee is from state Division of Financial Management economist Derek Santos, who told the panel, "The good news is the recession is over." The bad new, however, he said, is "the recovery has been slow. ... The growth in the economy is going to be modest."

Personal income declined in Idaho in 2009, and then was flat in fiscal year 2010, Santos said. "We think that'll pick up," he said. "We think it'll grow by about 3.4 percent in the next two years, fiscal years '11 and '12. By historical standards, pretty modest." Other measures also are showing signs of only modest growth, he said.