Idaho closes FY2013 in the black

Idaho has closed out Fiscal Year 2013 in the black.

The state collected $17 million more in tax revenue than expected in June, putting total tax receipts at $2.75 billion – 3.5 percent ahead of projections and 6.3 percent more than the previous budget year.

Under a “surplus eliminator” law enacted by the Legislature, almost $85.4 million of the year-end balance will be deposited in Idaho’s Budget Stabilization Fund, increasing the total in that “rainy day” account to more than $135 million.

The State drew more than $400 million from its reserve funds to help maintain public schools and other essential functions over three years during the recession. (Idaho Governor’s Office)

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