Idaho's economy slowed in May, just the second time this fiscal year that revenues fell short of projections.
Idaho's General Fund came in $8 million lower than had been anticipated. As a result, the state's fiscal year-to-date surplus fell from $74.2 million in April to $66.1 million in May. Most of the shortfall was in individual income tax revenues. Of the three largest revenue categories, the sales tax came in the closest to its target, distributing $76 million to the General Fund.
June is expected to be a critical month for the 2011 fiscal year, with nearly $250 million in projected net revenue collections. You can read the full revenue report here, released late today by the Division of Financial Management.