State ends fiscal year $20.1 million ahead of projections

Gov. Otter and State Controller Brandon Woolf announced today that the State of Idaho closed the fiscal year that ended June 30 with a balanced budget, reflecting a 4.2-percent increase in General Fund tax revenue during the past 12 months.

The State Division of Financial Management reported that June’s General Fund receipts of $328.6 million were $20.1 million above economists’ projections. That boosted the final fiscal year 2016 totals to $3.184 billion – about $85,000 more than the 4.1-percent growth rate forecast in January.

 DFM’s complete Idaho General Fund Revenue Report can be found here.

The year-end balance reflects automatic transfers approved by the Legislature of more than $15.6 million to the Budget Stabilization Fund and almost $11 million to the Strategic Initiatives Program for transportation infrastructure.