The strong revenue – signifying a thriving economy – triggered two significant transfers to the state’s rainy-day fund, the Budget Stabilization Fund, which now has swelled to $318.7 million.
“This reflects great credit on our state’s fiscal discipline and sound public policies that put taxpayers first,” Gov. Butch Otter said in a statement. “Once again, the people of Idaho are leading the way both in terms of growing our economy and sustaining a state government that respects the fact that it’s their money.”
Lawmakers this year extended a “surplus eliminator” bill that had been in effect for the previous two years, decreeing that any unexpected state revenue surplus should be divided between rainy-day funds and road projects. In addition, the year’s revenue growth, since it exceeded 4 percent, triggered another automatic transfer of $31.8 million to the Budget Stabilization Fund.
June was the third straight month in which tax revenues exceeded forecasts. The largest surplus came in individual income tax receipts, which came in 10.6 percent ahead of forecasts. Corporate income tax receipts for the month were slightly below the forecast; sales taxes exceeded forecasts by 6 percent. More here. Betsy Russell/SR