The Division of Financial Management reports General Fund revenue collections through the month of September were $3.4 million more than expected from the revised forecast. Health and Welfare reverted $1.8 million to the General Fund from the Cooperative Welfare Fund. Additionally, Health and Welfare carried over $38.6 million from FY 2012 which will be spent in FY 2013. After accounting for the amount the Legislature must reimburse deficiency accounts for fires, pests, and hazardous material incidents that occurred last year (line 15), the estimated ending balance for FY 2013 is $40.4 million. This is $36.0 million more than expected at Sine Die 2012. One major caveat to the projected ending balance, there are $18.3 million in General Fund supplemental requests which will be studied once the Legislature convenes in January.

Individual income withholdings and filings were the best performers in the month of September, they were up $13.5 million from last year at this point. There was also strong growth in sales taxes, which were up $6.2 million from last year. Product taxes grew $0.3 million, but corporate income taxes and miscellaneous revenues were down $0.1 million and $0.6 million, respectively. Revenues were up a total of $19.3 million from last September and cumulatively they are up $36.3 million or 1.4% for the year. With three quarters of the year remaining, revenues will only have to grow at the DFM forecasted pace to hit its mark of 3.2% growth.

Increased income withholdings and an increase in sales tax indicates more people are working, making money and spending it... great news for Idaho's economy, but a couple months of good news does not yet make a trend...

Please see the attached document or for more information, visit our website under the heading"General Fund Budget Monitor”: legislature.idaho.gov/budget/publications.htm
https://chumly.com/n/173a9dc