State revenue forecasts have collections during the upcoming fiscal year pegged at more than $6.1 billion as lawmakers are preparing Idaho’s next budget.
That prediction comes from the Legislative Services Office Budget Division, which is the nonpartisan office advising state lawmakers on their spending plan.
“Our revenue forecast is suggesting that Idaho’s economy has some real strength in it and we’re going to continue growing,” said Keith Bybee, LSO’s budget division manager, in a presentation to the Joint Finance and Appropriations Committee Tuesday.
He also complimented lawmakers on keeping a healthy reserve balance and not spending beyond its means in recent years.
“The legislature did a really nice job of managing its finances and really kind of minding the store on that front,” Bybee said.
Idaho is predicted to close this fiscal year at the end of June with $142 million in cash. That’s down about $47 million from the office’s previous forecast due to some costs carrying forward into the current fiscal year and supplemental appropriations.
Bybee briefly outlined budget requests from state agencies totaling more than $5.5 billion – a 4.5% increase over the current spending plan.
It’s highly unlikely Gov. Brad Little will include all of those requests in his budget, which he’ll present to the legislature Jan. 6.
JFAC will begin holding hearings on these proposals shortly thereafter.
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