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JFAC accepts Economic Outlook and Revenue Assessment Committee report; recommends lower revenue assumptions
Summary
The Joint Finance-Appropriations Committee accepted the EROC committee's revenue recommendations by unanimous consent, endorsing lower general fund revenue assumptions for fiscal 2025 and 2026 than the governor's forecast and urging caution on appropriations above the committee's figures.
The Joint Finance-Appropriations Committee accepted the Economic Outlook and Revenue Assessment Committee (EROC) report by unanimous consent, endorsing the committee's recommended general fund revenue figures and urging caution on appropriations above those amounts.
The EROC 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. Those figures are lower than Governor Little's projections: the governor's 2025 estimate and 2026 estimate were both higher, and the EROC committee's medians were cited in the report as materially below the governor's numbers. Senator Kevin Cook noted the committee's role under the Idaho Constitution, Article VII, Section 11, to provide advice on the reasonableness of the governor's revenue projections and described the committee's review of economic and tax data and expert testimony.
Why it matters: the committee's revenue recommendations set the baseline the Legislature will use as it prepares appropriation bills. Senator Cook said, "We recommend cautious in making appropriations above the committee's revenue recommendation," reflecting concern about economic uncertainty from Federal Reserve actions and the recent presidential election.
What the committee presented: Senator Cook (EROC co-chair) summarized the committee's median projections and comparisons to the governor. Representative Jeff Ehlers (EROC co-chair) thanked committee members and staff for their work. The committee's recommended figures differ from the governor's blueprint by multiple percentage points and were developed after testimony from economists, business leaders and industry spokespeople.
Formal action: Co-chair Horman moved to accept the EROC report; Senator Woodward seconded the motion. The committee took the matter by unanimous consent with no objections recorded, and the report was accepted.
What's next: JFAC will use the committee's recommended revenue baseline as part of upcoming budget-setting work. No binding appropriation decisions were made during this acceptance; the vote recorded acceptance of the committee's report only, not final appropriations.
Ending: The committee accepted the report without objection and moved on to the next agenda item.
