Idaho Ends Fiscal Year with More Money than Expected
BOISE, Idaho (AP) — State officials say Idaho closed the 2014 fiscal year with $7.2 million more than anticipated.
The Idaho Division of Financial Management reports that June’s general fund receipts of $294.4 million were $8.4 million above economists’ projections. Overall, last month’s boost helped raise the final fiscal year totals to $2.81 billion. That means general fund dollars went up 2.4 percent compared to the previous fiscal year.
Higher-than-expected revenues from individual income taxes contributed to the budget increase. Corporate income and product taxes, however, came in lower than expected. The new revenue projection for the 2015 fiscal year is 6.4 percent higher than this year with nearly $3 billion of tax revenue expected to flow into Idaho.