Idaho’s tax revenue collections came in higher than expected in April, but the state is still falling short of the forecast for the fiscal year.
The Legislative Services Budget and Policy office says general fund revenue collections came in about $36 million higher than expected in April. If tax collections meet the forecast for June, the state will end the fiscal year with about 1 percent less in revenue than it collected last year.
Idaho’s fiscal year runs from July 1 to June 30, and lawmakers have to set the budget for the upcoming year before they know exactly what the state’s revenue will be. So far for this fiscal year, individual income tax collections are nearly $177 million lower than the same period last year.
Idaho won’t end the year in the red, however. State law requires a balanced budget, and lawmakers typically leave a cushion to avoid completely depleting the general fund. The ending balance in the state’s general fund is expected to be about $82 million at the end of June. That’s nearly $40 million less than lawmakers expected when they set the budget.