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JFAC analyst reports $463 million carryover and flags tax bills that could cut revenues
Summary
Legislative analysts told the Joint Finance-Appropriations Committee that Idaho’s FY2025 revenue projection and current appropriations leave a $463 million carryover while several pending tax bills — including a proposed income tax cut — could reduce future revenue.
Keith Phibbe, Division Manager of Budget Policy Analysis, told the Joint Finance-Appropriations Committee that the Legislature is carrying an estimated $463 million balance on the General Fund green sheet and that the committee must still act on several outstanding items.
The update, delivered at the committee’s budget hearing, said the committee adopted a revenue projection of $5,990,000,000 for fiscal 2025 and that the Legislature’s original FY2025 appropriation was $5,200,000,000 plus $44,000,000 in reappropriations and executive carryforward. "The Legislature's currently carrying over a balance of $463,000,000," Phibbe said.
That carryover appears alongside a maintenance budget total in JFAC action of $5,404,000,000 — a 2.5% year-over-year increase and about $133,862,600 more than the FY2025 original appropriation, Phibbe said. He described the maintenance column as “hovering right below, dollars $250,000,000, below the governor's budget right now.”
Why it matters: committee members will use the green sheet numbers to set revenue targets and consider enhancements, reductions and tax bills that affect long-term outlooks. Phibbe flagged several pending bills that could materially change revenue projections, including House Bill 40, described as an income tax cut projected to reduce FY2026 receipts by about $253,000,000. Other legislation noted included Senate Bill 1028 (creating judgeships in two judicial districts) and House Bill 124 (a judicial salary increase).
Phibbe told members that many lines on the green sheet still carry an asterisk, indicating action remains to be taken, and warned that the committee “has a lot of work to do” as tax relief bills and other measures move through the House and Senate.
During the presentation, analysts and members discussed how completed maintenance decisions already taken by JFAC and related committees will feed into future budget deliberations. Phibbe closed by inviting questions and noting the sheet will be reviewed regularly as bills progress.
The committee did not take formal votes in the hearing; the presentation was informational and intended to inform subsequent revenue and appropriation decisions.
