Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the State Revenue Forecast topic
No spam. Unsubscribe anytime.
JFAC accepts EROC revenue recommendation calling for cautious appropriations
Summary
The Joint Finance-Appropriations Committee accepted the Economic Outlook and Revenue Assessment Committee's revenue recommendation, which set median general fund estimates of $5.99 billion for FY2025 and $6.4 billion for FY2026 and advised caution above those levels.
The Joint Finance-Appropriations Committee accepted the Economic Outlook and Revenue Assessment Committee (EROC) report and its recommended general fund revenue assumptions, the committee announced during the meeting.
EROC co-chair Senator Kevin Cook presented the committee's median recommendations, telling JFAC the panel recommends general fund revenues available for appropriation of $5,990,000,000 for fiscal year 2025 and $6,400,000,000 for fiscal year 2026. The committee noted those figures differ from the governor's projections and urged caution in making appropriations above the committee's recommended totals. "We recommend cautious in making appropriations above the committee's revenue recommendation," Cook said.
Why it matters: under Idaho Constitution Article 7, Section 11, the state must balance appropriations to within available revenues. EROC's role is to review economic and tax data and advise the legislature on the reasonableness of the executive branch revenue estimates. The committee's figures are intended to give JFAC a working revenue baseline for appropriation decisions.
Key numbers and context: EROC compared its medians to the governor's projections and reported the committee's medians were below the governor's estimates (the presentation noted differences between the governor's numbers and the committee's medians). Representative Jeff Ehlers, EROC co-chair, thanked members and staff for their work and emphasized the committee's reliance on expert testimony from economists and business leaders.
How the committee decided: Co-chair Horman moved to accept the EROC report; Senator Woodward seconded. The committee used unanimous consent and recorded no objections; the report was accepted.
What officials said: Senator Kevin Cook summarized the committee's review and recommendations and cited economic uncertainties, including the Federal Reserve's inflation response and the effect of the presidential election. Representative Jeff Ehlers thanked committee members for their work.
Next steps: JFAC will use the committee's revenue recommendations as a baseline while preparing appropriation decisions in upcoming hearings. The EROC figures will be one input among others (including additional forecasts and the governor's proposals) as JFAC balances spending choices.
