What You Should Know About the Division of Financial Management

Background

The Division of Financial Management or DFM helps craft Idaho’s state budget and budget policies for the Governor. They’re the money people. DFM is part of the Executive Office of the Governor. It’s headed by Administrator Wayne Hammon and 18 other budget analysts and economists.

There are four bureaus within DFM: the Budget Bureau, the Management Services Bureau, Policy Bureau, and the Economic Analysis Bureau. Each, provides policy guidance and oversight on behalf of the Governor.

The Division publishes regular state economic forecasts, keeps track of the money coming in and going out of Idaho’s bank accounts and crafts an annual budget which is recommended to the Legislature as a starting point for setting Idaho’s final yearly spending plan.

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July 13, 2012

Idaho Boosts Rainy Day Account Thanks To Improved Revenue

Idaho’s fiscal year-end tax revenue report, which came out today, shows collections exceeded forecasts by $35 million or 1.4 percent. The Division of Financial Management says sales tax and corporate income tax collections were 7.2 percent higher than expected. Miscellaneous receipts exceeded its forecast by 24.2 percent. The piece of Idaho’s revenue stream that didn’t [...]

May 7, 2012

Idaho Barely Exceeds Tax Collection Expectations In April

Tax collections were slightly higher than expected for April. Idaho’s general fund, the state’s main bank account, topped revenue forecasts by $500,000. The Division of Financial Management’s monthly General Fund Revenue Report shows individual income and corporate tax collections came in 1 percent and 12 percent below the forecast.

April 12, 2012

Report: Idaho Tax Collections Increase More Than Most States

Idaho is one of nine states that saw tax collections increase more than ten percent from fiscal year 2010 to 2011. A new U.S. Census Bureau Report looks at state tax collections for the fiscal year that ended June 30, 2011. Last fiscal year, all 50 states reported an increase in tax collections, a dramatic [...]

April 6, 2012

Idaho’s March Tax Collections Beat Forecast By $4 Million

Idaho state revenue collections are up for the fourth month in a row. The Division of Financial Management reports March tax collections exceeded expectations by almost $4 million, even though a large number of tax refunds are going out the door this time of year. That $4 million is 11 percent of the total revenue [...]

March 7, 2012

February Tax Collections Exceed Expectations

General fund tax collections have exceeded forecasts for three straight months, putting revenue almost $33 million above the forecast for the fiscal year. The Division of Financial Management reports February tax collections were nearly $20 million above projections. DFM says it’s the largest surplus of the fiscal year.

February 7, 2012

January Tax Collections Exceed Expectations

Idaho’s General Fund tax collections exceeded expectations for the second month in a row. The Division of Financial Management reports January collections were up $6.3 million above the forecast amount. DFM’s monthly report says the uptick is due largely to better than expected sales tax revenues. The sales tax contributed $103.7 million to the General [...]

January 9, 2012

December Individual Income Tax Collections Lower Than Expected

The Division of Financial Management released its monthly general fund revenue report today with mixed news. First the good, sales tax collections exceeded expectations for the month of December, due in large part to the holiday shopping season. “Idaho gross sales tax collections in December were $94.9 million, an increase of 9.0% over the previous [...]

The Otter Administration’s Key Budget Points

Governor C.L. “Butch” Otter’s budget staff will spend the first few days of the legislative session explaining its budget proposal to lawmakers. Division of Financial Management Administrator Wayne Hammon will officially start that work tomorrow. Hammon met with reporters today to outline the administration’s key budget requests. Here are some important points: Governor Otter is [...]

December 22, 2011

Governor Otter: Any Tax Cuts Need to be Phased In

Talk of lowering taxes has already started among Idaho lawmakers. At the Associated Taxpayers Conference earlier this month, legislative leaders said proposals to lower Idaho’s corporate tax and individual income tax rates will be part of the discussion. Sen. Brent Hill (R-Rexburg) says lowering taxes this session will be met with resistance, and will likely [...]

December 7, 2011

Governor Otter Says State Budget Surplus Unlikely

As we reported earlier today, the Division of Financial Management released its monthly state revenue report, which shows November tax collections didn’t meet expectations. Collections were $5.4 million below DFM’s monthly forecast. In advance of this news, Governor C.L. “Butch” Otter sent this letter to his Cabinet, warning any projected budget surplus isn’t likely. “Unfortunately, [...]