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Idaho Tax Collections Take a Dip

Idaho’s general fund grew by about $210 million in October, but it missed the month’s estimate by $1.6 million.  Administrator Wayne Hammon tells the Idaho statesman that officials aren’t seeing the numbers they hoped they would. October’s sales-tax collections are most troubling because they represent real-time spending.  Sales-tax revenue grew just 1.6 percent to $88.8 million in October, up from $87.4 million in October 2010. But it was forecast to increase 6.3 percent to $92.9 million. The shortfall was partially offset by revenues in other categories that came in above their predicted amounts,. Individual income tax collections of $105 million topped the forecast by $1 million. Corporate income tax collections at $10.4 million exceeded expectations by $800,000. Product taxes were $3.3 million, which was $100,000 million above the projected amount. Miscellaneous revenue of $2.4 million surpassed its forecast by $700,000. For the first four months of the fiscal year, general fund collections were $842.3 million, which was $10.8 million below the forecasted amount of $853.1 million.

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