Legislative finance analysts report $5.99 billion revenue projection, flag tax bills that could cut FY26 receipts
February 07, 2025 | Appropriations, HOUSE OF REPRESENTATIVES, Committees, Legislative, Idaho
This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »
The Joint Finance-Appropriations Committee heard an update on the state General Fund green sheet Tuesday, with Legislative Service Office analysts reporting a revenue projection of $5,990,000,000 that will guide FY2026 planning.
"And just to remind the committee on line 5, you adopted a revenue projection for fiscal year 20 25 of 5,990,000,000.00," said Keith Phibbe, Division Manager of Budget Policy Analysis at the Legislative Service Office. Phibbe walked the committee through the green-sheet items, the maintenance budget and pending bills that could change the revenue outlook.
Why it matters: committee members are still setting the revenue target the Legislature will use to balance the FY2026 budget. Small shifts in assumptions or enacted tax measures can change available dollars for programs, departments and one-time initiatives.
Phibbe told the panel the FY2025 original appropriation was $5.2 billion plus $44 million in reappropriation and executive carryforward, and that the Legislature currently carries a balance of about $463 million. He said the JFAC-maintained maintenance budget totals approximately $5,404,000,000 in recent committee actions — about $133,862,600 higher than FY2025’s original appropriation and a 2.5% year-over-year increase.
"That is a hundred and 33,862,600 more than the original appropriation from FY 2025," Phibbe said, adding the committee’s maintenance total is currently roughly $250 million below the governor’s proposed maintenance budget.
Phibbe also highlighted pending legislation that could affect the committee’s work. He said House Bill 40 — described in the presentation as an income tax cut — is projected to reduce FY2026 revenue by about $253,000,000 and would grow in subsequent years if enacted. He listed other tax-related measures at various stages on the calendars, including House Bill 83 and House Bill 93 on the House third-reading calendar, and Senate Bill 1028 (a bill to create judicial positions) and a judicial salary increase bill (bill number not specified in the presentation) that may affect costs the committee must consider.
No formal committee actions or votes on the projection or bills were taken during the briefing. Phibbe closed by noting the committee will revisit the green sheet as more bills progress across the House and Senate and invited questions from members.
Evidence: The presentation and figures above were drawn from the Legislative Service Office green-sheet briefing to JFAC and the analyst’s remarks to the committee.
"And just to remind the committee on line 5, you adopted a revenue projection for fiscal year 20 25 of 5,990,000,000.00," said Keith Phibbe, Division Manager of Budget Policy Analysis at the Legislative Service Office. Phibbe walked the committee through the green-sheet items, the maintenance budget and pending bills that could change the revenue outlook.
Why it matters: committee members are still setting the revenue target the Legislature will use to balance the FY2026 budget. Small shifts in assumptions or enacted tax measures can change available dollars for programs, departments and one-time initiatives.
Phibbe told the panel the FY2025 original appropriation was $5.2 billion plus $44 million in reappropriation and executive carryforward, and that the Legislature currently carries a balance of about $463 million. He said the JFAC-maintained maintenance budget totals approximately $5,404,000,000 in recent committee actions — about $133,862,600 higher than FY2025’s original appropriation and a 2.5% year-over-year increase.
"That is a hundred and 33,862,600 more than the original appropriation from FY 2025," Phibbe said, adding the committee’s maintenance total is currently roughly $250 million below the governor’s proposed maintenance budget.
Phibbe also highlighted pending legislation that could affect the committee’s work. He said House Bill 40 — described in the presentation as an income tax cut — is projected to reduce FY2026 revenue by about $253,000,000 and would grow in subsequent years if enacted. He listed other tax-related measures at various stages on the calendars, including House Bill 83 and House Bill 93 on the House third-reading calendar, and Senate Bill 1028 (a bill to create judicial positions) and a judicial salary increase bill (bill number not specified in the presentation) that may affect costs the committee must consider.
No formal committee actions or votes on the projection or bills were taken during the briefing. Phibbe closed by noting the committee will revisit the green sheet as more bills progress across the House and Senate and invited questions from members.
Evidence: The presentation and figures above were drawn from the Legislative Service Office green-sheet briefing to JFAC and the analyst’s remarks to the committee.
View full meeting
This article is based on a recent meeting—watch the full video and explore the complete transcript for deeper insights into the discussion.
View full meeting