Governor “Butch” Otter and State Controller Brandon Woolf said Thursday the State of Idaho closed the fiscal year that ended June 30 with a balanced budget, reflecting a 4.2 percent increase in General Fund tax revenue during the past twelve months.
The State Division of Financial Management reported that June’s General Fund receipts of $328.6 million were $20.1 million above economists’ projections. That boosted the final fiscal year 2016 totals to $3.184 billion –- about $85,000 more than the 4.1-percent growth rate forecast in January.
The year-end balance reflects automatic transfers approved by the Legislature of more than $15.6 million to the Budget Stabilization Fund and almost $11 million to the Strategic Initiatives Program for transportation infrastructure.
“Those rainy day savings and sustainable investments are preparing Idaho for continued job and income growth,” Otter said. “They are smart, responsible, and will help make Idaho and our citizens even more competitive in a challenging world.”