(BOISE) – Idaho’s surging economy produced $29 million more than projected in State tax revenue in June and almost $94 million more than economists expected for the fiscal year that ended June 30, enabling the State to meet the constitutional requirement for a balanced budget while beefing up its rainy day fund.
“This reflects great credit on our State’s fiscal discipline and sound public policies that put taxpayers first,” Governor C.L. “Butch” Otter said. “Once again, the people of Idaho are leading the way both in terms of growing our economy and sustaining a State government that respects the fact that it’s their money.”
The Governor’s Division of Financial Management issued its final General Fund Revenue Report for fiscal 2017 today, summarizing tax receipts for June and the past 12 months. Its highlights included June tax collections of $361 million or 8.8 percent more than anticipated. That also was 9.9 percent better than the previous June and the third month in a row that revenues exceeded forecasts. For all of fiscal 2017, the State took in almost $3.45 billion compared with the predicted $3.35 billion. The 8.3 percent revenue increase was well above the expected 5.4-percent growth rate.
The full General Fund Revenue Report can be found here.
The strong revenue growth resulted in two transfers to the Budget Stabilization Fund, which is used to help protect State programs and services from economic downturns. Idaho law requires a transfer of up to 1 percent of the General Fund when revenue grows by more than 4 percent, which resulted in a $31.8 million transfer. The Legislature also passed “surplus eliminator” legislation this year that resulted in an additional $27.5 million transfer. With the two new transfers, the rainy day account now totals $318.7 million.
Lieutenant Governor Brad Little said: “Our conservative fiscal approach to budgeting makes Idaho a shining example among states for how to keep their financial houses in order while delivering the critical public services that citizens need. While many others are struggling to keep their governments operating and digging out from staggering deficits, Idaho can focus on growing our economy and continuing to improve our public processes while reducing the burden on taxpayers.”
Controller Brandon Woolf, the State of Idaho’s chief fiscal officer, said: “The tax dollars of Idaho’s citizens are accounted for in accordance with the law, and the State of Idaho closed its fiscal year with a balanced budget. Because of the prudent, fiscally responsible decisions made by our state’s leaders, Idaho maintains a strong financial position going into the new fiscal year.”
Idaho House Speaker Scott Bedke of Oakley said: “Idaho taxpayers can be proud of how the Legislature handles their hard-earned money. We are committed to crafting budgets that yield the kind of results we achieved in fiscal 2017 as we chart our fiscal course for the coming year and beyond. The new figures are great news, and where there’s room for further improvement we’ll find it. We’re grateful to our citizens for providing the means, and we promise to continue living within them.”
Idaho Senate President Pro Tem Brent Hill of Rexburg said: “It’s a humbling responsibility to be entrusted with wisely using the public’s resources to provide the government services they need. Idaho’s economy continues to outperform many other states as evidenced by the positive FY 2017 revenues. This isn’t a matter of luck; it’s the result of the investment, ingenuity and hard work of Idaho’s citizens and of a Legislature committed to public policy that protects and encourages business.”
State Of Idaho Closes Out Budget Year With A Fiscal Flourish
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State Of Idaho Closes Out Budget Year With A Fiscal FlourishPublished on Friday, July 14th, 2017 at 11:54am
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