June state tax revenues come in $20.1M over projections, state ends year with surplus that goes to r [View all]

Idaho’s state tax revenues for June came in $20.1 million higher than projections – 6.5 percent higher – a revenue bump that means Idaho closed out its fiscal year June 30 with a balanced budget and also automatically transferred $15.6 million to the Budget Stabilization Fund, the state’s main rainy-day savings account, and just under $11 million to the Strategic Initiatives Program for road and bridge maintenance and repair projects, under the second and final year of a “surplus eliminator” bill that state lawmakers passed in 2014.

“Those rainy day savings and sustainable investments are preparing Idaho for continued job and income growth,” said Gov. Butch Otter. “They are smart, responsible, and will help make Idaho and our citizens even more competitive in a challenging world.”

Otter and state Controller Brandon Woolf hailed the year-end revenue news today. “As the state’s chief fiscal officer, I want to remind our citizens that not all states are in the same positive financial shape as Idaho,” Woolf said in a statement. “We are in this position because our leaders and citizens work very hard to keep Idaho as one of the best places in the world to live, work, raise a family and own a business. We accomplish this by recognizing the proper role of government, never forgetting who is paying for it, and always remembering who we serve.”

Said Otter, “Responsible, conservative financial management is a cornerstone of our state’s success, creating a solid foundation from which individual Idaho citizens can focus on their own prosperity. I’m proud of our record and of the work done every day throughout our state government to live within the people’s means.”

Read more: http://www.spokesman.com/blogs/boise/2016/jul/14/june-state-tax-revenues-come-201m-over-projections-state-ends-year-surplus-goes-roads-savings/