Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the State Revenue Forecasts topic
No spam. Unsubscribe anytime.
Legislative economic panel recommends lower revenue forecasts; JFAC accepts report
Summary
The Economic Outlook and Revenue Assessment Committee (EROC) told the Joint Finance-Appropriations Committee (JFAC) it recommends more conservative general-fund revenue estimates than the governor’s and JFAC accepted the EROC report by unanimous consent.
The Economic Outlook and Revenue Assessment Committee recommended lower general‑fund revenue projections for Idaho’s next two fiscal years and JFAC accepted that report by unanimous consent.
EROC Co‑Chair Senator Kevin Cook told the committee that after reviewing economic, business and tax data and hearing expert testimony, the committee’s recommended general‑fund revenues available for appropriation are $5,990,000,000 for fiscal year 2025 and $6,400,000,000 for fiscal year 2026 — figures below Governor Little’s projections. "The committee recognizes economic uncertainty related to the impact of the Federal Reserve Bank addressing inflation and recent presidential election," Cook said during his presentation.
Why it matters: Idaho’s constitution, Article VII, Section 11, requires balancing appropriations and expenditures within available revenues. The committee said its median projections are more conservative than the governor’s: the governor’s recommended general‑fund totals cited to the committee were roughly $5.95 billion (FY2025), about $6.26 billion (FY2026, pessimistic forecast) and $6.836 billion (FY2027); the committee’s medians were lower on the same horizons.
The report summarizes EROC’s work to review business, tax and financial trends and to hear testimony from economists and business leaders. Representative Jeff Ehlers, EROC co‑chair, thanked the committee and members for the work that produced the recommendations.
Formal action: Co‑chair Horman moved to accept the EROC report; Senator Woodward seconded. The committee asked for unanimous consent, heard no objections and the report was accepted.
What the committee recommended to JFAC leadership: use the committee’s more cautious revenue figures when setting appropriation levels and be cautious about making appropriations above those recommendations.
Next steps: JFAC will use the committee’s recommended revenue baseline as it advances budget decisions in coming hearings and votes.
