Economic Outlook committee recommends $5.99B for FY2025, $6.40B for FY2026; JFAC accepts report

The Economic Outlook and Revenue Assessment Committee recommended 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, EROC co-chairs reported to the Joint Finance-Appropriations Committee.

The committee’s presentation compared the governor’s projections to the committee’s median projections. EROC reported Governor Little’s general fund projection for FY2025 as $5,947,800,000 and the committee’s median projection as $5,790,000,000 (2.7% below the governor). For FY2026 the governor’s projection was $6,407,600,000 and the committee’s median was $6,032,000,000 (5.9% below). The committee said it weighed expert testimony and voted to recommend the $5.99 billion and $6.40 billion figures to legislative leadership and the co-chairs of JFAC.

EROC co-chair Senator Kevin Cook framed the committee’s role under Idaho’s Constitution, Article VII, Section 11, which requires balancing appropriations and expenditures within available revenues. Representative Jeff Ehlers, the committee’s other co-chair, thanked members and staff and described the committee’s review of business, tax and financial data and testimony from economists and industry representatives.

Co-chair Horman moved that JFAC accept EROC’s report. Senator Woodward seconded. The committee approved acceptance by unanimous consent with no objections recorded.

The committee cautioned against making appropriations above the recommended levels, citing uncertainty related to Federal Reserve actions and the presidential election cycle. The EROC report and the JFAC acceptance are administrative steps; JFAC members noted they will continue to use the recommended revenue baseline during upcoming budget deliberations.

—Ending—