Idaho’s projected budget surplus climbs to $1.6 billion

BOISE, Idaho (AP) — Financial analysts say Idaho's budget surplus is estimated to be $1.6 billion.

The Division of Financial Management in a news release Thursday says general fund revenues for the first five months of the fiscal year that started in July are $255 million above projections.

The agency says the record surplus comes from an $890 million ending balance for fiscal year 2021, which ended June 30, combined with another $720 million more from the increased revenue forecast.

Republican Gov. Brad Little earlier this month hinted at possible tax cuts stemming from the projected surplus.