Idaho ends fiscal year with $224 million surplus

POSTED: 09:27 MST Tuesday, July 15, 2008

by IBR staff report

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Tags - government, Idaho State

The state controller’s office announced today that Idaho will close the 2008 fiscal year with a $223.8 million general fund surplus. The state’s $2.9 billion general fund accounted for about 40 percent of the state’s total $7.3 billion budget this past fiscal year, which ended June 30.

The general fund includes sales taxes; individual and corporate income taxes; and miscellaneous revenue. Other revenue comes from federal dollars and dedicated funds.

In the 2008 fiscal year, the individual income tax brought in $1.4 billion; sales taxes collected $1.1 billion; and the corporate income tax take was $189.7 million.

“Our state constitution prohibits spending more than we take in,” said Idaho State Controller Donna Jones in a news release. “Our review shows that we are in the black with a surplus of nearly $224 million. In these tight economic times this one-time surplus shows that Gov. Otter and the Legislature are operating the state’s business in a lean and efficient manner.”

4 Comments

So when can we all expect our refunds?
Comment By Karma
Tuesday, July 15, 2008 @ 4:32 PM

Public Transportation!!!!
Comment By Rachel
Tuesday, July 15, 2008 @ 5:05 PM

Karma, are you from Colorado the great state beholding the TABOR act? Your comment and mindset is what gets states in trouble when the economy slows down. I personally don't expect states to refund a surplus treasury; I do expect our legislation to spend the money wisely and without regards to personal or special interest.
How else can a government plan for and fund unexpected drop in revenue during recessions (yes we're in one) or for rapidly rising costs such as construction. If you think your auto gas bill has risen imagine the increase to construction equipement fuel and oil-base asphalt for highway construction and maintenance.
Go back and review what happened to Colorado during the early 2000's when the telco business went down the crapper and the state had previously given back all surplus funds. Can you say shutdown government; including police, fire, ambulance, office hours, citizen services, and on and on and on. If you think Idaho's infrastructure is bad now wait until the surplus is gone and all you have left is a $0.50 refund check.
Comment By Kent
Thursday, July 17, 2008 @ 2:56 PM

Can we have roads now?
Comment By Wyatt
Thursday, July 17, 2008 @ 9:44 PM

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