Idaho’s record surplus: $1.4 billion. Little promises ‘more tax relief,’ ‘key investments’

The state of Idaho officially ended the 2022 fiscal year with a record $1.38 billion surplus, Gov. Brad Little and Idaho Division of Financial Management officials said Friday.

“Idaho’s economy is red-hot because of the resiliency of our citizens and businesses,”  Little said in a press release issued Friday.

The governor said the surplus means Idaho’s government can “provide Idahoans even more tax relief and make key investments where they count” at a time when inflation is driving up the cost of basic necessities.

The surplus was expected and came in slightly above the most recent $1.3 billion projections showing the state was poised to set another state budget surplus record when the fiscal year ended June 30. The difference was due to year-end agency reversions, Idaho Division of Financial Management administrator Alex Adams said. Although the 2022 fiscal year ended June 30, it always takes a few weeks to complete end-of-year bookkeeping work, Adams said.

The $1.38 billion surplus surpassed the previous record budget surplus of $890 million, which was set one year ago when the state closed out the fiscal year 2021 budget.

Idaho runs on a fiscal year calendar that runs from July 1 to June 30 every year.

“This year, we made the single largest investment in public schools in state history,” Little said in the release. “The strength of Idaho’s economy and the sound management of state government means we will continue to be able to invest record amounts into schools, roads, water, and other key areas to keep up with growth and improve the lives of the people we serve.”

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