By Ruth Brown, Idaho Reports
Revenues for the state general fund came in $17.3 million ahead of the forecasted estimate for the month, a $7 million increase from the April report, according to the Legislative Services Office.
That increase, bringing the general fund to about $5.218 billion, comes despite a drop in estimated individual income tax revenue.
Corporate income tax collections are $57.3 million more than the revised forecast from the Division of Financial Management, while individual income taxes are $15.5 million below the revised forecast. Sales tax collections are also lower than estimated, coming in at $17.9 million below the forecast, and product taxes at $1.5 million below the forecast. Another $5 million came in below the revised forecast.
After appropriation, the state still has about $416 million in a cash balance. DFM reports that the general fund has $678.8 million still to collect in the final month of the fiscal year to hit its full estimated revenue. Idaho will close the books on the fiscal year on July 1.
In fiscal year 2022, the state had a historic surplus of more than $1.4 billion and the prior fiscal year’s surplus also exceeded $1 billion.
“The Legislature approved several tax relief bills over the past few years including an income tax top-rate reduction from 6.5% to 6.0% between the two fiscal years,” according to the Legislative Services Budget Monitor. “As a result, the General Fund year-to-date revenue collections are $368.4 million less when compared to this time last year.”
The Legislature further consolidated the income tax rate to a flat 5.8% during the 2022 special session with House Bill 1.
Ruth Brown | Producer
Ruth Brown grew up in South Dakota and her first job out of college was covering the South Dakota Legislature. She’s since moved on to Idaho lawmakers. Brown spent 10 years working in print journalism, including newspapers such as the Idaho Statesman and Idaho Press, where she’s covered everything from the correctional system to health care issues. She joined Idaho Reports in 2021 and looks forward to telling stories about how state policy can impact the lives of regular Idahoans.
