NEWS RELEASE
STATE CONTROLLER DONNA JONES ANNOUNCES $247 MILLION SURPLUS, RECOMMENDS INVESTING $200 MILLION IN ROAD REPAIRS
Boise, Idaho – Idaho State Controller Donna Jones announced with the end of Fiscal Year 2007 on June 30, Idaho had a General Fund balance of $247 million. “This near quarter-billion dollar surplus far exceeds earlier surplus projections made at the beginning of FY07,” said Controller Jones.
Earlier projections had the General Fund, the account used to fund most state government operations, reaching $139 million for FY07. Even though corporate income tax collections were down, strong individual income tax collections contributed to this year’s larger than expected surplus.
“As a former legislator, seeing a surplus of this magnitude brings two thoughts to mind. First, taxes are too high on Idaho’s families. Second, instead of looking at raising taxes to pay for road and bridge repair, the Legislature could potentially use $200 million of this surplus to tackle Idaho’s backlog of road repairs,” said Jones.
Idaho has a history of using surpluses to pay for expensive projects. In previous years, surpluses have been used to permanently cut property taxes and to fund a $100 million rainy day savings account that protects schools from economic downturns.
“Poorly maintained roads hurt businesses and families,” said Jones. “Investing in our transportation infrastructure now, before it crumbles, will be good for commerce, save lives, and will help reduce the burdens of traffic congestion and long commute times on Idaho families.”
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