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JFAC accepts EROC revenue recommendations; committee urges caution on appropriations
Summary
The Joint Finance-Appropriations Committee accepted the Economic Outlook and Revenue Assessment Committee's revenue recommendations for fiscal years 2025 and 2026 and was urged to be cautious about appropriating above the committee's estimates.
The Joint Finance-Appropriations Committee on session day accepted the Economic Outlook and Revenue Assessment Committee's (EROC) revenue recommendation for fiscal years 2025 and 2026 by unanimous consent.
EROC co-chair Senator Kevin Cook told the committee the panel had completed "our overall assessment of Governor Little's general fund revenue projections" and, after reviewing business, tax and financial data and expert testimony, 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. "We recommend [being] cautious in making appropriations above the committee's revenue recommendation," Cook said.
Why this matters: Idaho's constitution (Article VII, Section 11) requires the state to balance appropriations and expenditures within its revenues. The EROC report offers the legislature an independent median projection to guide budget-setting and reduce the risk of over-appropriation if economic conditions shift.
Details and procedure: The motion to accept the EROC report was made on the floor and seconded; Chairman Grohl announced unanimous consent and declared the report accepted. Senator Jeff Ehlers, who also served on the EROC panel, thanked members for the work and testimony that informed the projections.
Background: During the EROC presentation the committee compared the governor's revenue estimates to the committee's median projections; EROC members noted uncertainty tied to Federal Reserve policy and potential effects from the presidential election cycle. The committee recommended conservative budgeting given that uncertainty.
The committee recorded no roll-call vote; acceptance was by unanimous consent.
Ending: Committee leaders said the EROC numbers will inform the revenue baseline used in upcoming budget decisions and encouraged careful appropriation planning in the weeks ahead.
