Idaho Barely Exceeds Tax Collection Expectations In April

General Fund Revenue Report / Division of Financial Management

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.

“Individual income tax collections of $280.3 million were $2.9 million, or 1.0%, below the projected amount. Corporate income tax collections were $37.3 million. This amount was $5.5 million (12.8%) less than the predicted $42.7 million.” – Division of Financial Management

The sales tax and other miscellaneous revenue made up for the lower-than-anticipated individual and corporate income taxes.

“Interest earnings were $4.3 million more than expected in April partly because the Idaho State Treasurer began putting aside funds necessary to pay off this fiscal year’s tax anticipation note ahead of schedule. As a result, the note’s remaining balance in April was smaller than projected. The Idaho Attorney General added $0.6 million from a drug company settlement to the April’s surplus. The mine license tax exceeded its forecast by $1.6 million in April 2012. On a fiscal year-to-date basis, revenue from miscellaneous sources is $11.2 million higher than expected.” – Division of Financial Management

You can read DFM’s full report here.