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Idaho projected to see $405 million surplus amid pandemic

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Posted at 3:42 PM, Aug 11, 2020
and last updated 2020-08-11 17:42:47-04

BOISE, Idaho — Idaho could be on track to finish the fiscal year with $405 million in surplus tax revenue in spite of the pandemic's economic toll if a new forecast holds true.

The state’s legislative budget office released its revised general fund revenue forecast late Monday for fiscal year 2021, which started July 1. The forecast comes in at $4.1 billion, only $6.5 million below what lawmakers used last March to set the budget.

The surplus is being boosted by a nearly $100 million cut to state agencies and another nearly $100 million cut to public schools enacted earlier this year amid possible budget shortfall concerns due to the pandemic.