No budget surplus expected as Idaho begins new fiscal year

State budget revenue projections missed the mark by millions in April and May, which may mean less money for property tax relief

After state budget projections missed the mark by more than $120 million in May, budget officials were not expecting the state of Idaho to end its fiscal year on Sunday with a budget surplus — a departure from record surpluses in recent years.

Idaho runs on a fiscal year calendar that begins July 1 and ends June 30. Fiscal year 2024 just ended, and fiscal year 2025 is just beginning.

Lori Wolff, the new administrator for the Idaho Division of Financial Management, said it was still too close to tell what exactly the state’s ending balance will be for fiscal year 2024.

State budget revenue projections missed the mark by millions in April and May, which may mean less money for property tax relief

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