Idaho closes budget year with $94M more than projected

Idaho officials say the state has closed out the budget year with tax revenue exceeding forecasts by nearly $94 million.

Gov. C.L. “Butch” Otter on Friday praised the state’s disciplined fiscal policies for the budget surplus. For fiscal year 2017 – which ended June 30 – the state took in almost $3.45 billion compared with the predicted $3.35 billion.

Earlier this year, lawmakers extended the state’s so-called surplus eliminator, a policy that diverts leftover state revenue funds into both rainy-day funds and transportation projects. According to the state, the rainy-day account now hovers around $318.7 million.