Idaho Tax Revenues Up
BOISE, Idaho (AP) — Idaho tax revenue exceeded forecasts for a third year as the state’s economy slowly recovered enough to add millions to rainy day accounts, though they’re still less than half record levels of more than $400 million before the recession began five years ago.
Receipts for fiscal year 2013 were $2.75 billion, 3.5 percent ahead of projections and 6.3 percent more than the $2.59 billion collected in 2012. Almost $85.4 million of the year-end balance will be deposited in Idaho’s Budget Stabilization Fund, one rainy day account drained following the Great Recession.
The governor’s spokesman says total reserves now stand at about $183 million. Otter said a third year of better-than-forecast revenue is no reason to accelerate spending. He urged lawmakers to remain prudent and cautious.