STATE OF IDAHO ENDS BUDGET YEAR $92 MILLION ABOVE PROJECTIONS
Boise – Governor C.L. “Butch” Otter and State Controller Brandon Woolf announced today that Idaho closed the fiscal year that ended June 30 with a surplus, collecting $92 million more than anticipated during the previous 12 months.
“We balanced the budget and we put money in our rainy day funds. This wasn’t an accident. This was accomplished as a matter of political will, grounded in common-sense fiscal restraint and guided by the principle that our state government must always live within the people’s means,” Governor Otter said.
“The tax dollars of Idaho’s citizens are accounted for in accordance with the law, and the state of Idaho closed its fiscal year with a balanced budget,” said State Controller Brandon Woolf. “Because of the prudent decisions made by our state’s leaders, Idaho will continue to maintain an exemplary credit rating.”
The State Division of Financial Management (DFM) reported General Fund revenue of $3,056,765,517, leaving the state $92.3 million above economist’s projections for FY 2015. General Fund revenue grew by 8.6 percent, significantly higher than the 5.3 percent rate that was forecast.
As mandated by state law, half of the surplus will be transferred to the budget stabilization fund and the other half will be dedicated to transportation infrastructure improvement projects. As a result, $54.1 million of the surplus will be used for transportation which is in addition to the $95 million approved earlier this year by lawmakers. Year end totals in each of the state’s rainy day funds are as follows:
Ø Budget Stabilization Fund: $243.8 million
Ø Public Education Stabilization Fund $ 90.9 million
Ø Higher Education Stabilization Fund $ 3.4 million
“Idahoans can be proud that their state is heading in the right direction because the state’s executive and legislative leaders did not only what was tough, but also required laying the foundation for continued economic prosperity and ensuring our best years are still ahead of us,” said Governor Otter.
DFM’s complete Idaho General Fund Revenue Report can be found here:
“Our economy is on the right track because of the discipline and commitment at the statehouse,” Governor Otter said. “I have maintained that predictability and sustainability are essential to our continued economic recovery. These figures confirm that we have budgeted wisely so our tax structure remains predictable and our economic vitality remains sustainable. Our commitment to these principles allows for continued investment in schools, roads, public infrastructure and workforce development, all essential for a prosperous Idaho.”