State Revenues Fall Short of Forecast in Latest Idaho General Fund Revenue Report

On Friday the Division of Financial Management published its June Idaho General Fund Revenue Report. The June report is important because it reflects sales tax collections for the month of April and provides the first glimpse into the impact of COVID-19 on sales tax receipts. Sales tax revenues for the month of April came in 9.9% below forecast. While sales tax receipts lagged behind forecasts, it wasn’t all bad news. Many expected sales tax revenues to be down by as much as 13%. While sales tax collections continue to lag behind budget forecasts, they are up 5.6% when compared to last year. Other state revenue sources haven’t fared as well. Individual income tax collections are down 7.6% compared to last year while corporate income tax collections are down 28.1%. You can view the full report by clicking here.