Governor C.L. "Butch" Otter announced today that the State ended fiscal year 2012 on June 30 with more General Fund revenue than expected.
The State received $2.587 billion from all forms of tax receipts in the past 12 months. That was almost $35 million more than the most recent Division of Financial Management projection in January, and 5.9 percent ahead of total tax receipts in the prior fiscal year.
It should be noted that additional revenue does not translate into a "budget surplus" since the State already has in place a mechanism to address these additional funds. Acting on the Governor's recommendation, the Legislature enacted provisions transferring most of the excess revenue into the Budget Stabilization Fund -- the State's primary "rainy day" account.
"I'm grateful that Idaho's economy continues to improve and that more Idahoans are finding work," Governor Otter said. "I am also pleased that we have been able to set aside almost $75.5 million for future rainy days. We begin fiscal 2013 with a lot of uncertainty about the national and global economies and fiscal policies, but with a higher level of certainty and stability in Idaho's State government. That should translate into still more opportunity for growth and future prosperity here at home."
"Idaho's fiscal records are in good order and, in accordance with State law, Idaho's budget is balanced," said Brandon Woolf, acting State Controller. "By wisely managing our resources during the recent economic downturn, Governor Otter and the Legislature have positioned Idaho to embrace opportunities for economic growth as the recovery continues to take root."
Detailed information on State revenues, Idaho's rainy day accounts and other budget activities are available from the Idaho Division of Financial Management at www.idaho.dfm.gov.