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JFAC accepts Economic Outlook Committeerevenue recommendations for cautious budgeting
Summary
The Joint Finance-Appropriations Committee accepted the Economic Outlook and Revenue Assessment Committees report, which recommends $5.99 billion in general fund revenues for fiscal 2025 and $6.40 billion for fiscal 2026 and urges caution in appropriations above those figures.
The Joint Finance-Appropriations Committee on Friday accepted a report from the Economic Outlook and Revenue Assessment Committee (EROC) recommending reduced general fund revenue assumptions for the next two fiscal years.
Senator Kevin Cook, co-chair of EROC, told JFAC the committee recommends total general fund revenues available for appropriation of $5,990,000,000 for fiscal 2025 and $6,400,000,000 for fiscal 2026. "We recommend cautious in making appropriations above the committee's revenue recommendation," Cook said.
Cook framed the recommendations with the committee's statutory role. He cited Idaho's Constitution, Article VII, Section 11, requiring that appropriations be balanced within available revenues and said the committee reviewed business, tax and financial data and took testimony from economists, business leaders and industry representatives.
Representative Jeff Ehlers, EROC co-chair, thanked committee members for their work and for the expert testimony EROC used to form its median projection. The committee's median figures were below parts of the governor's projections, the EROC presentation said.
Co-chair Horman moved that JFAC accept the EROC report; Senator Woodward seconded. The committee approved the report by unanimous consent with no roll-call vote recorded.
Why it matters: The EROC recommendations set the revenue baseline that JFAC members said should guide upcoming appropriations decisions. Several speakers warned of economic uncertainty from Federal Reserve action on inflation and from the national election cycle; EROCs figures are presented as a cautious planning baseline rather than a guarantee of future receipts.
Procedure and next steps: The chair said the committee would use EROCs figures as the starting point for budget-setting work next week, including program maintenance hearings and subsequent appropriation decisions. No formal appropriation change or budget bills were adopted at this meeting.
Provenance: EROCs presentation and the unanimous-consent acceptance are recorded in the meeting transcript during the committee report segment beginning with Senator Kevin Cook's remarks and ending with the co-chairs' motion and acceptance.
