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Joint Finance Committee adopts $5.99 billion FY2025 general fund revenue projection
Summary
The Idaho Joint Finance-Appropriations Committee voted unanimously to adopt the Economic Outlook and Revenue Assessment Committee's $5.99 billion general fund revenue projection for fiscal year 2025. The vote was 10-0 in the Senate delegation and 10-0 in the House delegation, for a 20-0 overall tally.
The Joint Finance-Appropriations Committee adopted the Economic Outlook and Revenue Assessment Committee's recommended general fund revenue projection of $5,990,000,000 for fiscal year 2025, a motion moved by Sen. Woodward and seconded by Rep. Horman.
The committee heard analysts' explanations that the recommendation reflected updated revenue information from the Economic Outlook and Revenue Assessment Committee. Keith Bybee, Division Manager of the Budget Policy Analysis Division, reviewed the packet and noted the committee would vote on revenue projections for both FY2025 and FY2026; the FY2025 recommendation from EORAC was $5,990,000,000, below the governor's budget assumption.
Sen. Woodward, the motion's mover, said, "we need to make that adjustment just based on updated revenue numbers." The committee's voting arrangement requires a majority from both the Senate and the House delegations before matters are sent to each chamber's floor; Miss Figueredo conducted separate roll calls for the Senate and House delegations.
The recorded vote read aloud by the chair was: Senate 10 ayes, 0 nays, 0 absent/excused; House 10 ayes, 0 nays, 0 absent/excused, for a total of 20 ayes, 0 nays. With a majority from both bodies, the motion passed and will be used to set agency budgets.
The committee proceeded to the next items on the statewide decisions agenda.
Ending: The committee scheduled additional budget work for the following day; this revenue number will be reflected in the budget-setting documents submitted to the full legislature.
