Idaho tax revenue up for third straight year

Idaho tax revenue up for third straight year

Idaho tax revenue up for third straight year

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by Associated Press

KREM.com

Posted on July 18, 2013 at 5:25 PM

Updated Thursday, Jul 18 at 5:39 PM

BOISE-- Idaho tax revenue exceeded forecasts for a third year as the state's economy slowly recovered enough to add millions to rainy day accounts, though they're still less than half record levels of more than $400 million before the recession began five years ago.

Receipts for fiscal year 2013 were $2.75 billion, 3.5 percent ahead of projections and 6.3 percent more than the $2.59 billion collected in 2012.

Almost $85.4 million of the year-end balance will be deposited in Idaho's Budget Stabilization Fund, one rainy day account drained following the Great Recession.

Total reserves now stand at about $183 million, said Jon Hanian, spokesman for Gov. C.L. "Butch" Otter.

Otter said a third year of better-than-forecast revenue is no reason to accelerate spending.

He urged lawmakers to remain prudent and cautious.

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