NEWS RELEASE
STATE CONTROLLER JONES SAYS
IDAHO ENDS FISCAL YEAR IN THE BLACK
Boise, Idaho – With the close of Idaho’s fiscal year on June 30, accountants in the State Controller’s Office have been adding up the revenues and expenditures in state government. Their finding – the State will close the books on fiscal year 2008 with a $223.8 million one-time surplus in the General Fund.
“Our state Constitution prohibits spending more than we take in,” said Idaho State Controller Donna Jones. “Our review shows that we are in the black with a surplus of nearly $224 million. In these tight economic times this one-time surplus shows that Governor Otter and the Legislature are operating the State’s business in a lean and efficient manner.”
The General Fund is the State’s largest source of revenue, bringing in over $2.9 billion in fiscal year 2008, accounting for nearly 40 percent of the State’s funding source. The state’s General Fund is comprised of sales tax, individual and corporate income tax, and miscellaneous revenue. This past year the individual income tax brought in $1.4 billion; sales taxes collected $1.1 billion; and the corporate income tax take was $189.7 million.
The total budget for the State in fiscal year 2008 was $7.3 billion, with revenue coming from the General Fund, federal dollars, and dedicated funds.
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