Governor C.L. "Butch" Otter today forecast a 2.1-percent increase in Idaho's General Fund tax revenue during the budget year that began July 1. The projected total of receipts for fiscal year 2014 is $2.8 billion, up from $2.75 billion last year.
The Governor's Division of Financial Management (DFM) forecast that a 4.2-percent increase in State sales tax receipts and 2.2-percent higher individual State income tax revenues are expected to outpace projected declines in corporate income tax, taxes on such products as cigarettes, beer and wine, and reduced miscellaneous revenue during the 12-month period through June 2014.
The fiscal 2014 revenue forecast, available here, will be updated for release in January 2014. When the State closed its books for fiscal 2013 in July, DFM reported that the $2.75 billion in tax revenue collected was 3.5 percent ahead of projections and 6.3 percent more than the previous year.
"We're on the rebound and working toward steady, sustained growth. But the real measure of our economic recovery isn't in the growth of State revenue or government; it's in creation of career and economic opportunities for our citizens and communities," Governor Otter said. "To that end, it bears repeating that I won't allow State government to grow as fast as our economy, and we will remain focused on responsible, cautious budgeting while fulfilling the proper role of government."