Idaho May revenues slightly off

Betsy Z. Russell works as staff writer for The Spokesman-Review. In that position, Russell covers Idaho news from our bureau in BoiseVia Betsy Russell’s blog An Eye on Boise at the Spokesman Review :

Idaho state general fund revenues for May came in 3.1 percent below forecasts, but 0.2 percent above the previous May; for the fiscal year to date, that puts state tax revenues almost right on forecast, at 0.7 percent below, and 3.5 percent above the same time last year.

The month’s weakness came in individual income tax receipts, which fell $13.3 million below forecasts, or 17.5 percent. Every other category was above forecast, but even together, they couldn’t fully offset the gap in individual income taxes. Sales taxes for the month were $6 million above forecasts and 12.4 percent higher than the previous May; other tax categories were close to target levels.

According to the state Division of Financial Management, the culprit within the individual income tax category was refunds, which were $21.3 million above the forecast level for the month, and 65.1 percent higher than in May of 2015. Both filing collections and withholding payments were above forecasts for the month.

The May report follows an April report that showed state revenues 1.8 percent under forecast for the month and 0.5 percent below forecast for the fiscal year; April’s collections were 5 percent higher than April 2015.