Idaho’s budget surplus swells to $1.4 billion
BOISE, Idaho (AP) — Idaho’s budget surplus is up to $1.4 billion, state officials said Friday.
The state Division of Financial Management said it based the increase on a revised general fund revenue forecast it does every August for the current fiscal year to account for current economic conditions and law changes.
The agency said the surplus comes from a nearly $900 million ending balance for fiscal year 2021, which ended June 30, combined with another $513 million more than the forecast used by lawmakers to set the state’s budget last May for the current fiscal year, 2022, which ends next summer.
The agency also said revenue collections were nearly $40 million more than anticipated in July, the first month of the current fiscal year.
State officials said the $1.4 billion surplus could change up or down based on monthly revenue collections.
Budget setting for fiscal year 2021 occurred before the onset of the coronavirus pandemic, and state officials feared a big deficit.
But the state received billions of dollars in coronavirus rescue money, and many Idaho residents and businesses received pandemic help money. Federal money was also used to boost unemployment benefits.
In addition, Idaho has been one of the fastest-growing states, with new residents bringing in additional money.