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JFAC accepts EROC revenue recommendation, committee urges caution on appropriations
Summary
The Joint Finance-Appropriations Committee accepted the Economic Outlook and Revenue Assessment Committee's revenue recommendations for fiscal 2025 and 2026 by unanimous consent and was urged to be cautious about appropriations above those figures.
The Joint Finance-Appropriations Committee on Friday accepted a report from the Economic Outlook and Revenue Assessment Committee recommending adjusted general fund revenue estimates for fiscal 2025 and 2026.
The EROC co-chairs presented the committee's median projections and recommended totals available for appropriation: $5,990,000,000 for fiscal 2025 and $6,400,000,000 for fiscal 2026. Senator Kevin Cook, EROC co-chair, told JFAC members the committee had reviewed business, tax and financial data and taken testimony from economists, business and industry representatives in reaching its figures. Representative Jeff Ehlers, the committee's other co-chair, thanked committee members for their work.
The recommendation contrasts with the governor's original projections presented to the legislature. EROC reported its 2025 median projection was below the governor's original number, and for 2026 the committee's median was also lower; after careful reconsideration, the EROC co-chairs proposed the $5.99 billion and $6.4 billion figures as the totals available for appropriation. The co-chairs cautioned JFAC to be “cautious in making appropriations above the committee's revenue recommendation,” citing economic uncertainty tied to Federal Reserve policy and the presidential election.
JFAC Co-chair Horman moved to accept the EROC report; the motion received a second from Senator Woodward and passed by unanimous consent with no objections recorded.
The committee did not further adjust the numbers on the floor. Members were reminded the committee's role is advisory: EROC offers its assessment of the reasonableness of executive revenue projections under Idaho Constitution, Article VII, Section 11, which requires the state to balance appropriations within available revenues.
The acceptance of the report sets the revenue baseline that JFAC staff and members will use as they proceed to examine maintenance and enhancement budget items next week.
