January revenues blow past projections again, demonstrating Idaho’s continued economic strengthFriday February 5, 2021
Boise, Idaho - Idaho’s economy continues to strengthen, with Idaho leading states for the best financial shape and January revenue figures beating the forecast by $58.5 million. It marks the seventh straight month that the state’s economy outperformed projections.
“An open economy, relentless focus on fiscal conservatism, quick action throughout the pandemic, and Idahoans’ preventive actions against COVID-19 have positioned Idaho with the strongest economy in the nation and a historic record budget surplus,” Governor Little said.
The Division of Financial Management released the January tax revenue report today showing Idahoans are working and engaging in the economy, with sales and income taxes coming in well above forecast. The report is available at https://dfm.idaho.gov/publications/eab/gfrr/gfrr2021/gfrr_feb2021.pdf.
Governor Little’s proposal for the record budget surplus is called “Building Idaho’s Future,” and it is making its way through the Idaho Legislature right now.
Governor Little is proposing more than $450 million in tax relief – among the largest tax cuts in Idaho history – and strategic investments in education, transportation, broadband, water projects, and other areas. In addition, his “no frills” budget proposal for Fiscal Year 2022 leaves a prudent, bolsters rainy-day funds, and reflects his continued priority on education, including our valuable teachers.
Idaho has been able to lead the nation in financial solvency through conservative revenue forecasting, setting aside healthy reserves, limiting government spending, and rolling back state regulations.
Governor Little emphasized the need for Idahoans to wear masks, keep their distance from others, and take other preventive steps to slow the spread of COVID-19 to keep our economic momentum going.
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