OCTOBER REVENUE EXCEEDS PREDICTIONS

BOISE – Governor Jim Risch released preliminary state revenue data today that shows October tax collections above projections for the fourth month in a row.  For the month total revenue was $13.9 million above predictions for a total of $36.7 million over projections for the 2007 fiscal year that began July 1.

“Idaho’s economy continues to perform well above average.  The combination of a strong workforce, low taxes and ample opportunity for new business and expansion has allowed entrepreneurs and companies to prosper and fuel our strong revenue picture,” said Risch.

Individual income tax collection was up $9.9 million over predictions as extension payments from last year’s filings were due.  Corporate income taxes collected were slightly higher and sales tax revenue was up $3.5 million.  The sales tax figures do not include the additional penny that was added on October 1 due to a lag in revenue reporting.

The $13.9 million in surplus revenue collected in October is the largest to date in the new fiscal year.  July is second in higher than predicted earnings with $12.8 million, September generated $8.9 million in excess revenue and August produced $1.2 million in revenue above forecast.

The current fiscal year’s $36.7 million surplus is slightly above the $33.1 million surplus reported in early November 2005.  The last fiscal year ended with a $200 million surplus and projections show a similar amount for the 2007 fiscal year.

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