The final state tax revenue figures are in for the fiscal year, and with June’s revenues $9 million below the forecast, or 2.9 percent below, the final outcome for the year was 8.6 percent growth in general fund revenue – which is $92.3 million more than was forecast. When additional funds reverted from agencies that didn’t spend part of their allocations is added in, the state’s year-end surplus comes to just over $108 million.
Under legislation lawmakers approved this year, it’s all already spoken for – Half, or $54.2 million, will go the Budget Stabilization Fund, the state’s main rainy-day savings fund; and the other $54.2 million will go to the Strategic Initiative Program Fund, a transportation funding program. That split was established in HB 312, this year’s transportation funding bill, which included a “surplus eliminator” provision to split unanticipated revenue between savings and transportation. You can read the governor’s June General Fund Revenue Report here, and the Legislature’s General Fund Budget Monitor, which has additional budget impact information, online here.
Gov. Butch Otter hailed the year-end numbers, saying in a statement, “Idahoans can be proud that their state is heading in the right direction because the state’s executive and legislative leaders did not only what was tough, but also required laying the foundation for continued economic prosperity and ensuring our best years are still ahead of us.”