Idaho’s Budget has a Surplus
BOISE, Idaho (AP) — Lawmakers returned home earlier this month leaving the state with a projected budget surplus of around $60 million this fiscal year. If that holds, Idaho will end the year in better financial health than many other states.
The Idaho Statesman cited a report by Kiplinger magazine showing that 30 states face a combined budget shortfall of $40 billion this year. Two-thirds will be a combined $25 billion short in fiscal 2014. If budget forecasts hold, some surplus will replenish the Budget Stabilization Account — the main rainy day fund drawn down during the recession.
The plan is to deposit $2.6 million into the account when the fiscal year ends June 30 — giving it a balance of $121 million. Lawmakers project a $51 million surplus in fiscal 2014.