Idaho's Record Surplus: $1.4 Billion. Little Promises More Tax Relief,Key Investments

The state of Idaho officially ended the 2022 fiscal year with a record $1.38 billion surplus, Gov. Brad Little and Idaho Division of Financial Management officials said Friday.

“Idaho’s economy is red-hot because of the resiliency of our citizens and businesses,”  Little said in a press release issued Friday.

The governor said the surplus means Idaho’s government can “provide Idahoans even more tax relief and make key investments where they count” at a time when inflation is driving up the cost of basic necessities.

The surplus was expected and came in slightly above the most recent $1.3 billion projections showing the state was poised to set another state budget surplus record when the fiscal year ended June 30. The difference was due to year-end agency reversions, Idaho Division of Financial Management administrator Alex Adams said. Although the 2022 fiscal year ended June 30, it always takes a few weeks to complete end-of-year bookkeeping work, Adams said.

The $1.38 billion surplus surpassed the previous record budget surplus of $890 million, which was set one year ago when the state closed out the fiscal year 2021 budget.

Click Here to Read More