Sunday, June 8, 2014

Idaho Tax Collections for FY 2014 Very Close to Budget Projections

Posted By on Sun, Jun 8, 2014 at 11:00 AM

New figures for May indicate that Idaho's revenues are coming in closer to budget as the state nears the end of its current fiscal year.

Overall General Fund receipts were $168.2 million, just above the forecast of $165.5 million. Year-to-date, FY 2014 collections total more than $2.5 billion, about 2 percent more than the same period in FY 2013. But overall collections are still about $1.2 million below forecast.

Sales tax receipts in May topped out at $93 million; individual income tax receipts were $62.8 million; corporate income tax receipts in May were $7.6 million; and product tax collections were $3.1 million. Miscellaneous revenue sources came in at $1.7 million.

Individual income tax receipts were above budget by $3.9 million, with refunds below expectations and filing collections higher than expected. For the fiscal year to date, total individual income tax receipts are $1.23 billion, about $3.6 million more than projected.

Next month's report won't be published in early June because the state's number crunchers will be closing the books on FY 2014 year-end revenues. The numbers are expected to be finalized by mid July.

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