Idaho Closes Fiscal Year With More Cash Than Expected


It was like the tooth fairy leaving quarters under the Gem State's pillow—almost 29 million quarters. 

State officials report that at the end of fiscal year 2014, which ended June 30, Idaho had $7.2 million more in its coffers than anticipated, the Associated Press reports.

According to the Idaho Division of Financial Management, June's general fund receipts of $294.4 million were $8.4 million higher than expected. June's receipts boosted fiscal year totals to $2.81 billion. The reason: Personal income taxes yielded higher state revenues than economists projected. However, corporate income and product taxes were lower than economists projected. 

A new model for 2015 fiscal year is 6.4 percent higher than FY 2014, with nearly $3 billion in taxes expected to swell the state's revenue.