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Wed., Aug. 14, 2013, 1:16 p.m.

July state tax revenues below revised forecast, but 4.2% ahead of last year

Idaho’s July state tax revenues are in for the first month of the fiscal year, and they’re 1.8 percent below the revised forecast for the month – but 4.2 percent above last year at this time. The new forecast for fiscal year 2014 general fund revenues is for $2.8088 billion, a 2.1 percent increase over the previous fiscal year. It’s for a  higher amount than the January forecast, but a smaller percentage increase – mainly because fiscal year 2013 revenues came in much stronger than forecast. The new forecast also reflects the impact of a $20 million state expense in fiscal year 2014 to reimburse local governments for a business property tax cut. You see the DFM’s full monthly General Fund Revenue Report here.

Gov. Butch Otter issued a statement on the revised forecast, reiterating that he doesn't want Idaho's state government to grow as fast as its economy; click below for his full statement.

C.L. “Butch” Otter

GOVERNOR

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE:                  

   August 14, 2013                                                                                                                                

 

IDAHO TAX REVENUE FORECAST TO GROW 2.1 PERCENT IN FISCAL 2014

 

(BOISE) – Governor C.L. “Butch” Otter today forecast a 2.1-percent increase in Idaho’s General Fund tax revenue during the budget year that began July 1. The projected total of receipts for fiscal year 2014 is $2.8 billion, up from $2.75 billion last year.

The Governor’s Division of Financial Management (DFM) forecast that a 4.2-percent increase in State sales tax receipts and 2.2-percent higher individual State income tax revenues are expected to outpace projected declines in corporate income tax, taxes on such products as cigarettes, beer and wine, and reduced miscellaneous revenue during the 12-month period through June 2014.

The fiscal 2014 revenue forecast, available here, will be updated for release in January 2014. When the State closed its books for fiscal 2013 in July, DFM reported that the $2.75 billion in tax revenue collected was 3.5 percent ahead of projections and 6.3 percent more than the previous year.

“We’re on the rebound and working toward steady, sustained growth. But the real measure of our economic recovery isn’t in the growth of State revenue or government; it’s in creation of career and economic opportunities for our citizens and communities,” Governor Otter said. “To that end, it bears repeating that I won’t allow State government to grow as fast as our economy, and we will remain focused on responsible, cautious budgeting while fulfilling the proper role of government.”

 

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Betsy Z. Russell
Betsy Z. Russell joined The Spokesman-Review in 1991. She currently is a reporter in the Boise Bureau covering Idaho state government and politics, and other news from Idaho's state capital.

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