Idaho running ha-huge budget surplus

Idaho state tax revenues in August came in 2.2 percent ahead of forecasts and 6 percent higher than last August, according to the latest Idaho General Fund Revenue Report. Coming on top of July’s strong revenues, that puts fiscal year-to-date general fund revenues at $530.3 million, 3.3 percent ahead of forecast and 7.8 percent ahead of the same period a year earlier.

All three of the main categories of state tax revenues exceeded forecasts in August: Individual income taxes, corporate income taxes and sales taxes. You can see the full monthly report online here .

But the state’s general fund is actually even more flush at this point, the Legislative Budget Office reports. That’s because on top of the higher-than-expected revenues, the state Department of Health & Welfare reverted $19.1 million back to the General Fund in August, $16.1 million of that from Medicaid, due to unspent funds from the past year. Plus, the state’s revenue forecast has been revised by state economists, as it is each August to reflect economic conditions and results of enacted legislation, and is now $28.3 million more than it was when lawmakers set the state budget in the spring. Put all those factors together, and the projected year-end ending balance for the fiscal year that started July 1 comes out a whopping $64.5 million higher than lawmakers anticipated when they adjourned sine die on March 25/ Betsy Russell, Eye on Boise. More here.

Question: Sorta makes you wonder if more of that money coulda been used to fund important programs, doesn’t it?