Governor’s executive budget proposes education increases, transportation bond capacity and reserves; holds $100M for tax relief

BOISE — Laurie Wolf, administrator of the Division of Financial Management, presented the governor’s executive budget to the Joint Finance and Appropriations Committee (JFAC) on Jan. 8, summarizing revenue forecasts, maintenance costs and recommended enhancements for fiscal years 2025 and 2026.

Wolf told the committee, “As you heard from governor Little yesterday, this is his keeping promises budget.” She said the administration used a conservative revenue forecast and maintained a structural balance while placing money in reserve accounts and targeting investments in education, transportation, workforce development, natural resources and cybersecurity.

The nut of Wolf’s presentation was fiscal restraint paired with targeted new spending. The administration estimates general-fund revenue at about $5.9 billion for FY2025 and roughly $6.2 billion for FY2026, leaving projected ending balances of about $383 million (FY2025) and $227 million (FY2026) before certain transfers. The budget recommends transferring $59 million to the budget stabilization fund and $50 million to a public education stabilization fund in FY2026; the presentation said those transfers bring record-level reserves and a $1.4 billion revert reserve.

On expenditures, Wolf laid out the maintenance and enhancement structure JFAC will use when reviewing agency budgets. Recommended enhancements total roughly $151 million for FY2026 (about $129 million ongoing, per the administration). Major items the governor included: - Education: $150 million for public schools overall, including about $83 million aimed at…