Eye On Boise

April state tax revenues beat forecast, for fifth straight month

April is by far the biggest month of the year for state tax revenue collections, as taxpayers all over the state file their income tax returns during the month, so it's closely watched for signs of the health of the overall state budget. The numbers are in now, and April's collections beat the forecast, coming in a scant $500,000 above but bringing the year-to-date surplus - the amount collected over the state's forecast for the year - to just over $37 million. That's for the 2012 fiscal year, which runs through July 1. Among the drivers of the April surplus was the sales tax, which was up 6.3 percent from the same time last year; and miscellaneous taxes, which are up significantly due to strong interest earnings, a settlement with a drug company and high collections from the mine license tax. Both individual and corporate income taxes were below forecast for the month, but both remain ahead of forecasts for the fiscal year to date.

You can read the state Division of Financial Management's April revenue report here, and the Legislature's April Budget and Revenue Monitor here. This is the fifth straight month that Idaho's state tax revenues have exceeded forecasts, and lawmakers budgeted below the forecasts. State lawmakers set the current year's budget assuming just 3 percent growth in state revenues; instead, it's been more than 5.7 percent. That means a big and growing year-end surplus this year, which lawmakers have decided should go directly into the state's rainy-day fund. With the current numbers, nearly $60 million will go into the state's Budget Stabilization Fund on July 1.

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Betsy Z. Russell
Betsy Russell covers Idaho news from the state capitol in Boise and writes the Eye on Boise blog.

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