Idaho officials expressed cautious optimism Friday at the news that Gem State revenues were up 5.9 percent in the fiscal year that ended June 30, approximately 1.5 percent above the official projection from state economists.
Through FY 2012, Idaho received $2.587 billion in tax receipts, nearly $35 million above projections offered in January.
“By wisely managing our resources during the recent economic downturn, Gov. [C.L. "Butch"] Otter and the Legislature have positioned Idaho to embrace opportunities for economic growth as the recovery continues to take root," said State Controller Brandon Woolf.
Most of the $35 million so-called "excess" funds is expected to be earmarked for the Idaho Budget Stabilization Fund—the Gem State's rainy day account. To date, more than $61 million sits in the rainy day fund. An additional $25.8 million is expected to be deposited into the account in Fiscal Year 2013.