The governor’s budget office has revised down its revenue projections for fiscal year 2013 by $12.7 million. The current budget year reduction will go from $2.67 million to $2.658 million, as revenue collections have been slightly below forecasts.
The Division of Financial Management reports the largest declines are from corporate income taxes and sales tax. “The former was reduced by $6.3 million and the latter has been lowered by $8.1 million. These revisions were partially offset by a small upward adjustment to the individual income tax,” writes state economist Derek Santos.
Tax collections for December were slightly lower than projections. DFM’s monthly report shows collections were 1.5 percent below forecast.
Idaho legislators will be closely watching tax collections and whether the state is meeting its projections as it crafts the budget for 2014.