April state revenues beat forecast; it’s the key month, with biggest take

Idaho state tax revenues in April came in 2.4 percent ahead of forecasts, at $536.6 million; that’s 5.9 percent higher than last year’s April figures, and is significant as April is the biggest revenue month of the year, since it’s when people file their income tax returns. With the April revenues in, year-to-date tax revenues to Idaho’s general fund are $2.8771 billion, 1.8 percent ahead of forecasts and 7.8 percent higher than last year at the same point.Even so, individual income taxes, the largest component of April’s revenues, came in half a percentage point below the forecast. Both sales taxes and corporate income taxes beat forecasts, as did smaller revenue categories, boosting the total. You can read the monthly General Fund Revenue Report here from the governor’s Division of Financial Management.

Meanwhile, the Legislative Budget Office reports that estimated ending balance at the end of the current fiscal year now stands at $76.4 million, $2.9 million higher than was anticipated when lawmakers adjourned their legislative session in March. With this year’s successful legislation to extend a “surplus eliminator” law, any general fund year-end balance that exceeds the ending balance set by the Legislature when it set the state budget will be divided equally between the Budget Stabilization Fund, the state’s main rainy-day savings fund, and road projects. Since the Legislature set that ending balance at $73.4 million, the amount now built up toward a surplus is $2.9 million.

You can read the monthly legislative General Fund Budget Monitor here .