The Idaho Division of Financial Management says the state’s November revenues exceeded expectations by more than $47 million.
Through the first five months of fiscal year 2022, the state collected just over $2 billion in general fund tax revenues. That’s $255.5 million or 14.6 percent ahead of forecast.
Even before the numbers came out, the state was looking at a potential $1.6 billion budget surplus in the fiscal year, which ends June 30th, because the 2022 general fund budget of $4.22 billion was based on projected revenues of $4.25 billion.
The revenue estimate has since been increased to $4.77 billion, but actual collections are coming in even ahead of that.
Individual income tax collections during the month of November totaled $156.6 million, while corporate income tax collections topped $6.95 million. Those figures were up 8.6 percent and 103 percent, respectively, compared to the same period of last year.
Additionally, the sales tax collections of $178.5 million were up 13 percent compared to the same period of 2020.
Actual general fund collections have now exceeded expectations in 22 of the past 24 months, dating back to the fall of 2019. (Lewiston Tribune)
