Idaho revenue collections higher than predicted

BOISE – State revenue collections came in above projections in May, a sign that Idaho’s economy remains strong, Idaho’s top economist said Friday.

General fund revenue for fiscal year 2005 through the end of last month was about $2.05 billion – $100 million more than what had been forecast to be collected from revenue sources such as personal and corporate income tax and sales tax.

Collections in May were about $129 million, or $11.6 million more than originally forecast.

Mike Ferguson, chief economist for Gov. Dirk Kempthorne, said the latest collections are another sign that Idaho’s economy continues to expand at a healthy pace. The conservative forecast from a year ago came as state financial officials were still concerned about lingering effects of a recession that had forced Idaho to slash its spending and boost the sales tax.

“The economy is still moving ahead,” Ferguson said. “We’re in exceptionally good shape as we head toward the end of the fiscal year.”