Posts tagged: Idaho tax revenues
Idaho's general fund revenues for October are in, and they're almost exactly on target, missing the forecast by just 0.7 percent. At $209.9 million, the month's tax take is $1.6 million below the $211.4 million forecast. That's because sales taxes came in $4.1 million below the expected level, but all other categories came in ahead of the forecast. Individual income tax revenues for October were 5.9 percent above October of the previous year; the forecast was for 4.9 percent growth. Sales taxes were up 1.6 percent over the previous October; the forecast had called for 6.3 percent.
For the fiscal year to date, which started July 1, Idaho revenues are very close to the forecast level, falling 1.3 percent below it. You can see the full monthly general fund revenue report here.
The much-awaited state tax revenue figures for April - the biggest month of the year - are in, and the news is good. April tax revenues beat forecasts by $14 million, putting the state's tax revenue to date for the fiscal year $74.2 million above the state's forecasts. “Obviously this is great news, and it confirms the wisdom of Gov. Otter’s conservative approach to budgeting in collaboration with legislative Republicans,” said Otter's budget chief, Wayne Hammon. “If these strong returns continue through the end of the fiscal year, we should have some extra money for education. But we still have two months to go, so we’ll continue to be prudent and watch the numbers closely.”
Because of maintenance of effort requirements attached to federal stimulus funds that Idaho accepted, a portion of any additional revenues has to go to public schools, which suffered historic state funding cuts both last year and this year, though it's not yet clear how much the schools could receive. Click here to see the full Idaho General Fund Revenue Report for May, which covers the April figures.