Idaho’s state tax revenues came in $15.2 million ahead of forecasts in May, beating the forecast by 7.8 percent and exceeding last May’s revenues by 12.2 percent. That brings the state’s revenues for the fiscal year to date – which has one month remaining – to 2.1 percent above forecasts and 8.1 percent higher than last year.

Idaho Gov. Butch Otter, who announced the higher than expected state revenue figures during his annual address to the business community today – a speech to the Boise Metro Chamber of Commerce at the CenturyLink arena in downtown Boise – said, “All revenue categories beat our forecast in May. Individual income taxes were the furthest ahead of projections.”

Individual income tax collections for the month, at $78.3 million, were $9.5 million ahead of forecasts, or 13.7 percent. They made up about 60 percent of the surplus for the month.

Otter said it’s good economic news for the state. “I can tell you that we’re on a great track,” he said.

You can read the full monthly General Fund Revenue Report here from the governor’s Division of Financial Management.