Please ensure Javascript is enabled for purposes of website accessibility
Home / IBR Headlines / Formerly depleted state rainy-day reserves up to nearly $90 million

Formerly depleted state rainy-day reserves up to nearly $90 million

Idaho ended the 2012 fiscal year with more revenue than forecast in January, allowing the state to replenish reserves to nearly $90 million after draining the rainy day funds since the economy soured in 2008.

The state said July 13 it booked $2.59 billion in receipts through June, amounting to about $35 million more than anticipated.

That’s a 5.9 percent increase over the 2011 fiscal year.

With the budget balanced, the excess has been deposited into four rainy day funds, including public education reserves that now total about $37 million.

Acting state controller Brandon Woolf said in a statement accompanying the final year’s revenue announcement that Idaho’s fiscal house is in good order.

Sales tax for the year came in at $1 billion, about 1.4 percent more than expected.

About The Associated Press