News

Idaho lawmakers head into 2023 with projected $1.5B surplus … – Idaho Capital Sun

The House in session at the Idaho Capitol on April 6, 2021. (Otto Kitsinger for Idaho Capital Sun)
Even with revenue collections coming in below forecasts, the state of Idaho is projected to end the 2023 fiscal year with a $1.54 billion budget surplus, according to the last budget and revenue update before the new legislative session starts in January. 

The numbers
The Legislative Services Office’s General Fund Budget Monitor report for November and the Division of Financial Management’s Idaho General Fund Revenue Report say state revenues for the first five months of the current fiscal year were $29.8 million, or 1.4%, below forecasts. Idaho’s fiscal year runs from July 1 to June 30.

Idaho’s revenues at this point, almost halfway through the fiscal year,  are 7.2%, or $144.6 million, more than they were last December — when the state was building toward the 2022 fiscal year’s record budget surplus.
During the Sept. 1 special session, Gov. Brad Little and the Idaho Legislature responded to that surplus by passing a law to issue tax rebates, reduce the income tax rate and direct $410 million per year towards funding public school and career programs. 
Little will issue a new revenue forecast and budget proposals on Jan. 9, the first day of the 2023 legislative session. 

New JFAC co-chair calls for using surplus to reduce property taxes


Rep. Wendy Horman, R-Idaho Falls, the new House co-chair of the Joint Finance-Appropriations Committee, said she supports directing some of the state’s surplus to a property tax reduction. 
“We need to remember some Idahoans are experiencing sticker shock with these property tax assessments. Although the state does not levy property taxes, local governments do,” Horman said in a telephone interview. “I still think that needs to be part of our conversation about what we do with this surplus.”
Horman is part of a growing list of legislators calling for reducing property taxes. On Sunday, the Idaho Press reported that Sen. C. Scott Grow, R-Eagle, has spent months working on a property tax proposal. 
As the Senate co-chair of JFAC, Grow is Horman’s counterpart on the powerful budget writing committee that meets daily during the legislative session to set each element of the state budget. 
“I think it has become imperative we bring any good ideas we have to the table to solve what is creating a crisis for some Idahoans,” Horman added. “Whether you own property or you rent and are going to see your rent costs shoot through the roof, it impacts everyone in one way or another.”
GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
by Clark Corbin, Idaho Capital Sun
December 15, 2022
by Clark Corbin, Idaho Capital Sun
December 15, 2022
Even with revenue collections coming in below forecasts, the state of Idaho is projected to end the 2023 fiscal year with a $1.54 billion budget surplus, according to the last budget and revenue update before the new legislative session starts in January. 

The numbers

The Legislative Services Office’s General Fund Budget Monitor report for November and the Division of Financial Management’s Idaho General Fund Revenue Report say state revenues for the first five months of the current fiscal year were $29.8 million, or 1.4%, below forecasts. Idaho’s fiscal year runs from July 1 to June 30.

The Legislative Services Office’s General Fund Budget Monitor report for November and the Division of Financial Management’s Idaho General Fund Revenue Report say state revenues for the first five months of the current fiscal year were $29.8 million, or 1.4%, below forecasts. Idaho’s fiscal year runs from July 1 to June 30.

Idaho’s revenues at this point, almost halfway through the fiscal year,  are 7.2%, or $144.6 million, more than they were last December — when the state was building toward the 2022 fiscal year’s record budget surplus.
During the Sept. 1 special session, Gov. Brad Little and the Idaho Legislature responded to that surplus by passing a law to issue tax rebates, reduce the income tax rate and direct $410 million per year towards funding public school and career programs. 
Little will issue a new revenue forecast and budget proposals on Jan. 9, the first day of the 2023 legislative session. 

New JFAC co-chair calls for using surplus to reduce property taxes


Rep. Wendy Horman, R-Idaho Falls, the new House co-chair of the Joint Finance-Appropriations Committee, said she supports directing some of the state’s surplus to a property tax reduction. 
“We need to remember some Idahoans are experiencing sticker shock with these property tax assessments. Although the state does not levy property taxes, local governments do,” Horman said in a telephone interview. “I still think that needs to be part of our conversation about what we do with this surplus.”
Horman is part of a growing list of legislators calling for reducing property taxes. On Sunday, the Idaho Press reported that Sen. C. Scott Grow, R-Eagle, has spent months working on a property tax proposal. 
As the Senate co-chair of JFAC, Grow is Horman’s counterpart on the powerful budget writing committee that meets daily during the legislative session to set each element of the state budget. 
“I think it has become imperative we bring any good ideas we have to the table to solve what is creating a crisis for some Idahoans,” Horman added. “Whether you own property or you rent and are going to see your rent costs shoot through the roof, it impacts everyone in one way or another.”
GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Idaho Capital Sun is part of States Newsroom, a network of news bureaus supported by grants and a coalition of donors as a 501c(3) public charity. Idaho Capital Sun maintains editorial independence. Contact Editor Christina Lords for questions: info@idahocapitalsun.com. Follow Idaho Capital Sun on Facebook and Twitter.
Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. Please see our republishing guidelines for use of photos and graphics.
Clark Corbin has more than a decade of experience covering Idaho government and politics. He has covered every Idaho legislative session since 2011 gavel-to-gavel. Prior to joining the Idaho Capital Sun he reported for the Idaho Falls Post Register and Idaho Education News. His reporting in Idaho has helped uncover a multimillion-dollar investment scam and exposed inaccurate data that school districts submitted to the state.
DEMOCRACY TOOLKIT
© Idaho Capital Sun, 2022
The Idaho Capital Sun is the Gem State’s newest nonprofit news organization delivering accountability journalism on state politics, health care, tax policy, the environment and more.
DEIJ Policy | Ethics Policy | Privacy Policy
Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site.

source

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button