DFM presents governor's "keeping promises" executive budget: $151 million in enhancements, larger reserves, $100M held for tax relief

Boise — The Joint Finance and Appropriation Committee on Jan. 8 heard the governor's executive budget from Division of Financial Management Administrator Laurie Wolf, who described the proposal as a “keeping promises” budget that prioritizes education, infrastructure and workforce programs while maintaining conservative revenue assumptions and larger reserves.

Wolf told the committee the administration used a conservative revenue forecast for fiscal 2025 and 2026 and structured the request to preserve a healthy ending balance. “It is important that we... make a conservative budget that ensures structural balance, puts healthy ending balances to make sure that we can hedge against any fluctuations in revenue,” Wolf said.

The proposal includes $151 million in recommended enhancements (ongoing and one‑time), and recommends transfers to the state’s rainy day accounts including a roughly $59 million transfer to the Budget Stabilization Fund and a $50 million transfer to the Public Education Stabilization Fund. After those transfers, DFM said the state would still hold an unusually large revert/reserve balance — described in the presentation as roughly $140 million — and an ending balance in the general fund projection.

Why it matters: The package funds priorities the governor highlighted in his State of the State address — additional K‑12 investments, transportation capacity, workforce training, water and wildfire management — while keeping money available for possible tax relief. Wolf said the governor is reserving $100 million for tax relief but is seeking legislative direction on how to deliver it.

Key elements and amounts the administration highlighted

- Education: The governor recommended roughly $150 million for public…