BOISE, Idaho — Gov. Brad Little announced Tuesday Idaho ended the fiscal year with a surplus of nearly $900 million, adding to the largest surplus in state history. State revenue collections exceeded $5 billion for the first time, representing 24.2% growth over the previous fiscal year, according to a news release.
The growth percentage represents the single largest annual increase in General Fund revenue, according to available records.
The Governor's office says the two largest drivers of Idaho's record surplus are income tax filings and sales tax collections of $166 million more than predicted. Income tax filings exceeded
projections by $469 million.
Idaho ended its fiscal year with a surplus of nearly $900 million. We have worked hard to curb government spending while providing tax relief and making investments where they count. We are seeing the impact of those conservative principles in action. #IDLeg #IDpol pic.twitter.com/e4d5Jvglp9— Brad Little (@GovernorLittle) July 20, 2021
“Idaho’s economic numbers show even in the middle of a global pandemic, conservative governing works,” Governor Little said. “We have worked hard to curb government spending while providing tax relief and making investments where they count. We are seeing the impact of those conservative principles in action.”
The largest tax cut in state history was achieved this year and strategic investments were made in transportation, education, and other areas as part of Little's "Building Idaho's Future" plan.
Gov. Little says he will continue to advocate for more tax relief and investments in key areas, with education number one on the priority list.