Now that we're nearing the final weeks of the state's budget year, it appears fairly obvious that the state will close out June with a budget surplus in the range of $70 million. The state's tax collections had been running about $74 million ahead of expectations. May tax collections came in $8 million lower than projections, but May is a relatively small month and the deviation probably doesn't reflect a trend. Nonetheless, a situation is being created wherein the state's general fund income is, by far, exceeding budgeted needs, and now there are renewed calls increased state spending. Assuming the revenue collections continue to grow larger, those calls will only grow louder/Wayne Hoffman, Idaho Freedom Foundation. More here.
Question: Should the 2012 Legislature cut taxes? Or use surpluses to restore funding cuts for education, health care, Medicaid, etc.?