Enacted Budget – Fiscal Year 2023
Idaho Governor Brad Little signed a series of bills comprising the state’s fiscal 2023 budget. The enacted budget calls for $4.6 billion in general fund appropriations, a 9.5 percent increase over original enacted levels for fiscal 2022. The budget is based on general fund revenues, before tax policy changes, of $5.5 billion, representing annual growth of 5.3 percent over fiscal 2022 estimates. After tax changes, total general fund revenues are estimated at $5.2 billion and net revenues (after transfers) amount to $4.9 billion. The state is expected to end fiscal 2023 with a general fund balance of $235 million and total rainy day funds of $1.1 billion. The budget provides a 12.5 percent increase in K-12 education, the largest in state history, as well as key investments in career and workforce training, transportation, public safety, water and agriculture projects, public health, and election integrity. The budget also provides $1.5 billion in tax relief over five years, including one-time income tax rebates of $350 million (recognized in fiscal 2022) and ongoing reductions to income tax rates. In addition, the enacted budget continues to boost rainy day funds, pay off debt, and fund deferred maintenance. The state also appropriated American Rescue Plan Act (ARPA) funds for job training, water projects, outdoor recreation, workforce housing development, and childcare infrastructure, largely in line with the governor’s recommendations.