In a press release, Governor Brad Little thanked Idahoans for the new record saying. “Idaho’s economy is red-hot because of the resiliency of our citizens and businesses.”
So, what does this mean for residents of Idaho?
According to the Governor, the surplus means the state’s government can “provide Idahoans even more tax relief and make key investments where they count.” This is very important as it comes at a time when inflation is driving up the price of basic necessities.
The surplus was expected this year and came in just above what it was projected to. Idaho Division Of Financial Management administrator Alex Adams says the difference from projections to what actually happened was due to year-end agency reversions.
This $1.38 billion surplus passed the previous record budget surplus of $890 million, which was set a year ago with the 2021 fiscal budget.
Idaho’s fiscal calendar runs from July 1 to June 30 every year.
In his press release, Governor Little talked about the record-setting surplus, “This year, we made the single largest investment in public schools in state history. The strength of Idaho’s economy and the sound management of state government mean we will continue to be able to invest record amounts into schools, roads, water, and other key areas to keep up with growth and improve the lives of the people we serve.”
What will we see happen with this record budget surplus?
Governor Little and the Idaho Legislature will be deciding what to do with said surplus when the 2023 legislative session reconvenes in January.
State agency directors are currently putting together the 2024 budget requests, which will be due to the state at the start of September. Governor Little has reportedly already developed some priorities, according to Adams.
Little would plan to push for additional tax cuts, as well as investments in public education and projects in infrastructure. This is, of course, if he is re-elected in November.
He will be running against Democratic Nominee Stephen Heidt, independent Ammon Bundy, Libertarian Paul Sand, and Constitution Part candidate Chantyrose Davison in the Governor’s Race with the election happening on November 8th.
Year after year, Idaho has increased the amount of state revenue it has brought in, and continues to see growth.
Some warn that we still have to be careful with this surplus, and it doesn’t mean everything is grand and fantastic. With the rising cost of inflation and the possibility of an economic recession, Adams and others warn that we need to be cautious with how we spend this money and what we do with it.
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