Idaho state tax revenues came in strong in June, topping forecasts by 2.9 percent or $8.4 million. That put the state at $2.8154 billion in general fund tax collections for the fiscal year, which ended July 1; that’s 0.3 percent above the January 2014 forecast, or $7.2 million higher for the year.
Idaho’s general fund grew 2.4 percent from fiscal year 2013 to fiscal 2014, slightly faster than the predicted 2.1 percent. Individual income taxes were the strongest growth area, beating projections by $9.5 million, while sales taxes were slightly below forecasted growth, but still up 3.2 percent from the previous year. In 2013, sales tax collections grew 8 percent; the state Division of Financial Management noted that part of the reason for the slower growth in fiscal 2014 is that it’s the first year $18.9 million a year was diverted from sales tax collections to cover the cost of personal property tax relief legislation. Without that diversion, sales taxes would have shown 4.9 percent growth.
Gov. Butch Otter hailed the year-end figures, saying, “I’m proud that Idaho is committed to living within the taxpayers’ means, and I’m proud of the Legislature and our state employees for ensuring that commitment is met.” You can see the monthly General Fund Revenue Report here.