Idaho state capitol night

Idaho's state Capitol, with its dome alight on a chilly fall evening

Idaho state tax revenues fell $7.4 million short of forecasts in October, or 2.4% short, with shortfalls in both sales taxes and individual income taxes. For the fiscal year to date, that puts general fund revenues at $3.6 million ahead of the revised forecast. If current trends hold, that would put the state on track to end the current fiscal year next June 30 with a balance of $68.5 million.

The state still is collecting considerably more in tax revenue than last year, but the increase is less than lawmakers anticipated when they ended their legislative session in April; at that time, the budget they’d set for the current year was projected to result in a year-end balance of $173.8 million.

The difference in projected ending balance now compared to the April projection: $105.3 million. Though the state’s budget still is balanced – it’s not spending or planning to spend more than it brings in – the change in the rate of growth is what prompted Gov. Brad Little to direct state agencies to begin paring back budgets; they’re working on plans now for a 1% recission from the current year’s budget, and a 2% base reduction from their agency requests for next year. You can read the full monthly General Fund Revenue Report online here from the state Division of Financial Management; and the Legislative Budget Office’s monthly General Fund Budget Monitor is online here.

Betsy Z. Russell is the Boise bureau chief and state capitol reporter for the Idaho Press and Adams Publishing Group. Follow her on Twitter at @BetsyZRussell.

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