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Legislative revenue advisers recommend lower forecasts than governor; JFAC accepts EROC report
Summary
The Joint Finance-Appropriations Committee accepted the Economic Outlook and Revenue Assessment Committee report, which recommended updated general-fund revenue figures for fiscal years 2025 and 2026 and urged caution on appropriations above those levels.
The Joint Finance-Appropriations Committee on an unanimous-consent vote accepted the Economic Outlook and Revenue Assessment Committee (EROC) report recommending total general-fund revenues available for appropriation of $5,990,000,000 for fiscal year 2025 and $6,400,000,000 for fiscal year 2026.
The EROC report — which the committee said fulfills its duty under Idaho Constitution, Article VII, Section 11 to assess whether appropriations are balanced with revenue — compared the committee’s median projections to Governor Brad Little’s figures and advised caution given economic uncertainty.
Senator Kevin Cook, cochair of EROC, told JFAC the committee had completed “our overall assessment of Governor Little’s general fund revenue projections” after reviewing business, tax and financial data and testimony from economists and industry experts. Cook said the committee’s median projection for 2025 was $5,790,000,000, about 2.7% below the governor’s $5,947,800,000 figure, and the median for 2026 was $6,032,000,000, 5.9% below the governor’s $6,407,600,000 projection. After reconsidering testimony and reviewing outlooks, EROC recommended $5.99 billion for 2025 and $6.4 billion for 2026.
Representative Jeff Ehlers, EROC cochair, thanked committee members for their work and joined Cook in presenting the report. The motion to accept the report was made by Co Chair Horman and seconded by Senator Woodward; committee chairs then requested unanimous consent and recorded no objections.
The report noted economic uncertainty tied to Federal Reserve policy and the presidential election, and EROC advised caution in making appropriations above the committee’s recommended levels. The committee’s recommendation will be used by JFAC as it sets appropriation targets during upcoming budget hearings.
Votes at a glance: Motion — “I move that the committee accept the report of the Economic Outlook Committee.” Mover: Co Chair Horman. Second: Senator Woodward. Outcome: approved by unanimous consent; no roll-call tally recorded.
