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JFAC accepts Economic Outlook committee report after forecast shows slowing but resilient Idaho economy
Summary
The Joint Finance-Appropriations Committee accepted the Economic Outlook and Revenue Assessment Committee's report after hearing that Idaho's economy is slowing but shows key strengths such as strong wage withholding and growth tied to major projects. The committee recommended caution as it finalizes revenue assumptions for FY24'FY26.
Erin Phipps, revenue analyst for the Idaho Legislative Services Office, told the Joint Finance-Appropriations Committee on Friday that Idaho's economy appears to be slowing but is not in a downturn, and that the state faces notable near-term impacts from large projects such as a new Micron semiconductor fab and work at the Idaho National Laboratory.
Phipps told JFAC members the recently released Department of Financial Management (DFM) monthly forecast trimmed the August projection for fiscal year 2024 general fund revenues by about $190 million and put fiscal year 2024 general fund receipts at just over $5.31 billion, excluding $410 million in earmarks from House Bill 1. She described two central takeaways from the Economic Outlook and Revenue Assessment Committee: that…
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