Idaho state budget and finances

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Idaho budget and finances
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General information
Budget calendar:
Annual
Fiscal year:
2015
State credit rating:
AA+ (as of 2014)
Current governor:
Butch Otter
Financial figures
Total spending (state and federal funds):
$7.3 billion (estimated for 2014)
Per capita spending:
$4,493 (estimated for 2014)
Total state tax collections:
$3.6 billion (2013)
Per capita tax collections:
$2,219 (2013)
State debt:
$15.1 billion (as of 2014)
Per capita state debt:
$9,459 (as of 2014)
State budgets and finances
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Total state expendituresState debtTax policy in Idaho
Note: This page utilizes information from a variety of sources. As such, the currency of the information varies somewhat. The information presented on this page reflects the most recent data available as of February 2015.
Between fiscal years 2013 and 2014, total spending in Idaho increased by approximately $100 million, from $7.2 billion in fiscal year 2013 to an estimated $7.3 billion in 2014. This represents a 1.4 percent increase. The cumulative rate of inflation during the same period was 1.58 percent, calculated using the Consumer Price Indices for January 2013 and January 2014. As of 2014, financial services firm Standard and Poor's had assigned Idaho a credit rating of AA+.[1][2][3]
In fiscal year 2014, total estimated spending in Idaho amounted to $7.3 billion. In 2013 Idaho dedicated 28 percent of its budget to Medicaid.

Spending

Definitions

The information below comes from the National Association of State Budget Officers (NASBO). These spending figures are broken into three broad categories in order to facilitate comparison between the states.[3]

  • State funds: State funds include general and other state-based funds. A general fund is "the predominant fund for financing a state's operations." Other state funds are "restricted by law for particular governmental functions or activities."
  • Federal funds: Federal funds are "funds received directly from the federal government."
  • Total spending: Total spending is calculated by adding together the totals for state and federal funds.

These figures exclude spending from the sale of bonds.

2014 expenditures

See also: Total state expenditures

The table below breaks down estimated spending totals for fiscal year 2014 (comparable figures from surrounding states are included to provide additional context). Figures for all columns except "Population” and “Per capita spending" are rendered in millions of dollars (for example, $2,448 translates to $2,448,000,000). Figures in the columns labeled "Population” and “Per capita spending" have not been abbreviated.[3]

Total estimated spending in Idaho amounted to $7.3 billion, while estimated per capita spending came out to $4,493.

Total estimated state spending, FY 2014 ($ in millions)
State State funds Federal funds Total spending Population Per capita spending
Idaho $4,530 $2,814 $7,344 1,634,464 $4,493.22
Colorado $22,531 $7,756 $30,287 5,355,866 $5,654.92
Montana $4,039 $2,149 $6,188 1,023,579 $6,045.45
Utah $9,263 $3,644 $12,907 2,942,902 $4,385.81
Wyoming $5,563 $2,082 $7,645 584,153 $13,087.32
Per capita figures are calculated by taking the state's total spending and dividing by the number of state residents according to United States Census estimates.[4]
Source: National Association of State Budget Officers

Spending by function

See also: State spending by function as a percent of total expenditures
Breakdown of spending by function in FY 2013
Source: National Association of State Budget Officers

State spending in Idaho can be further broken down by function (elementary and secondary education, public assistance, etc.). Fiscal year 2013 information is included in the table below (information from neighboring states is provided for additional context). Figures are rendered as percentages, indicating the share of the total budget spent per category.[3]

In 2014 the largest share of Idaho's budget was dedicated to Medicaid at 28 percent, a higher percentage than any of its neighboring states. A close second was K-12 education at 24.2 percent.

State spending by function as a percent of total expenditures, FY 2013
State K-12 education Higher education Public assistance Medicaid Corrections Trans-
portation
Other
Idaho 24.2% 8.1% 0.2% 28% 3.8% 9.6% 25.9%
Colorado 26% 8.3% 0% 22% 2.6% 8.5% 32.6%
Montana 15.5% 10.1% 0.5% 17.9% 3.2% 11% 41.8%
Utah 23.6% 11.5% 0.6% 17.2% 2.1% 10.4% 34.6%
Wyoming 10.9% 4.8% 0% 6.6% 1.4% 6.4% 70%
Source: National Association of State Budget Officers
Note: "Other" expenditures include "Children's Health Insurance Program (CHIP), institutional and community care for the mentally ill and developmentally disabled, public health programs, employer contributions to pensions and health benefits, economic development, environmental projects, state police, parks and recreation, housing and general aid to local governments."[3]

Spending trends

Between 2009 and 2013, the share of Idaho's budget spent on K-12 education decreased from 27.4 percent to 24.2 percent. Meanwhile, the portion dedicated to Medicaid increased from 22.8 percent to 28 percent. See the table below for further details (figures are rendered as percentages, indicating the share of the total budget spent per category).[3][5][6][7][8]

Spending by function from 2009 to 2013 (as percentages)
Year K-12 education Higher education Public assistance Medicaid Corrections Transportation Other
2013 24.2% 8.1% 0.2% 28% 3.8% 9.6% 25.9%
2012 25.7% 8.1% 0.3% 27.2% 3.7% 10.9% 24.2%
2011 25.5% 7.6% 0.2% 28.5% 3.3% 11.0% 23.8%
2010 27.4% 7.7% 0.3% 23.0% 3.3% 10.4% 27.9%
2009 27.4% 8.2% 0.3% 22.8% 3.6% 8.9% 28.8%
Source: National Association of State Budget Officers
Note: "Other" expenditures include "Children's Health Insurance Program (CHIP), institutional and community care for the mentally ill and developmentally disabled, public health programs, employer contributions to pensions and health benefits, economic development, environmental projects, state police, parks and recreation, housing and general aid to local governments."[3]

Revenues

2013 revenues

See also: State government tax collections by source

The table below breaks down state government tax collections by source in 2013 (comparable figures from surrounding states are also provided to give additional context). Figures for all columns except "Population" and "Per capita revenue" are rendered in thousands of dollars (for example, $2,448 translates to $2,448,000). Figures in the columns labeled "Population" and "Per capita revenue" have not been abbreviated.[9]

Total tax collections in Idaho amounted to $3.6 billion, while per capita collections came out to $2,219.

State tax collections by source ($ in thousands)
State Property taxes Sales and gross receipts Licenses Individual income taxes Corporation net income taxes Other taxes Total 2013 population Per capita collections
Idaho N/A $1,773,270 $306,627 $1,292,562 $200,340 $6,294 $3,579,093 1,612,843 $2,219.12
Colorado N/A $4,279,544 $637,707 $5,528,485 $652,180 $147,746 $11,245,662 5,272,086 $2,133.06
Montana $262,313 $558,961 $320,858 $1,045,500 $170,999 $285,979 $2,644,610 1,014,864 $2,605.88
Utah N/A $2,739,916 $294,174 $2,852,088 $330,684 $112,050 $6,328,912 2,902,787 $2,180.29
Wyoming $331,899 $826,387 $155,241 N/A N/A $872,527 $2,186,054 583,223 $3,748.23
Source: Tax Policy Center, "State Tax Collection Sources 2000-2013," June 20, 2014
Idaho tax collections by source in 2013
Source: Tax Policy Center

The table below lists 2013 tax collections by source as percentages of total collections. In Idaho, sales taxes and gross receipts accounted for the bulk of collections at 49.6 percent.[9]

State tax collections by source (as percentages)
State Property taxes Sales and gross receipts Licenses Individual income taxes Corporation net income taxes Other taxes
Idaho N/A 49.55% 8.57% 36.11% 5.6% 0.18%
Colorado N/A 38.06% 5.67% 49.16% 5.8% 1.31%
Montana 9.92% 21.14% 12.13% 39.53% 6.47% 10.81%
Utah N/A 43.29% 4.65% 45.06% 5.22% 1.77%
Wyoming 15.18% 37.8% 7.1% N/A N/A 39.91%
Source: Tax Policy Center, "State Tax Collection Sources 2000-2013," June 20, 2014

Current fiscal year budget

See also: Historical Idaho budget and finance information

Fiscal year 2015

DocumentIcon.jpg See budget bill: Fiscal Year 2015 Budget

Governor Butch Otter announced his fiscal year 2015 budget proposal on January 6, 2014. Under the governor's proposal, total spending for fiscal year 2015 would have equaled approximately $7.36 billion, including $2.89 billion in general fund spending. The budget included an additional $60 million for education and an additional $26 million for public safety over fiscal year 2014 expenditures.[10]

In March 2014, Otter signed into law the fiscal year 2015 budget. The enacted general fund budget totaled $2.94 billion, slightly more than Otter's original proposal.[10]

State debt

See also: State debt

According to a January 2014 report by the nonprofit organization State Budget Solutions, Idaho had a state debt of approximately $15.1 billion. Its state debt per capita was $9,459. The report revealed that state governments faced a combined $5.1 trillion in debt. The obligation amounted to $16,178 per capita in the nation.[11]

Total state debt, 2014
State Total state debt State debt per capita Per capita debt ranking
Idaho $15,094,322,000 $9,459 44
Colorado $86,879,414,000 $16,748 19
Montana $15,769,183,000 $15,689 22
Utah $35,727,752,000 $12,513 37
Wyoming $9,951,523,000 $17,265 18
Sources: State Budget Solutions, "State Budget Solutions' Fourth Annual State Debt Report," January 8, 2014

Public pensions

See also: Idaho public pensions and Idaho public employee salaries

Between fiscal years 2008 and 2012, the funded ratio of Idaho's state-administered pension plans decreased from 92.8 percent to 84.4 percent. The state paid 86 percent of its annual required contribution, and for fiscal year 2012 the pension system's unfunded accrued liability totaled $2.1 billion. This amounted to $1,378 in unfunded liabilities per capita.[12][13]

Credit ratings

See also: State credit ratings

Credit rating agencies, such as Standard and Poor's, assign grades to states that take into account a state's ability to pay debts and the general health of the state's economy. Generally speaking, a higher credit rating indicates lower interest costs on the general obligation bonds states sometimes sell to investors in order to finance large-scale undertakings (e.g., road construction and other public works projects). This in turn results in lower interest costs, thereby lowering the cost to taxpayers.[14][15]

The table below lists the Standard and Poor's credit ratings for Idaho and surrounding states from 2004 to 2014. Standard and Poor's grades range from AAA, the highest available, to BBB, the lowest.[16]

State credit ratings, 2004 to 2014
State 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Idaho AA+ AA+ AA+ AA+ AA AA AA AA AA AA AA
Colorado AA AA AA AA AA AA AA AA AA- AA- AA-
Montana AA AA AA AA AA AA AA AA- AA- AA- AA-
Utah AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA
Wyoming AAA AAA AAA AAA AA+ AA+ AA+ AA AA AA AA
Source: Stateline: The Daily News Service of The Pew Charitable Trusts, "Infographic: S&P State Credit Ratings, 2001-2014," June 9, 2014

Federal aid to the state budget

See also: Federal aid to state budgets

State governments receive aid from the federal government to fund a variety of joint programs, such as Medicaid. Federal aid varies considerably from state to state. For example, Mississippi received approximately $7.7 billion in federal aid in 2012, which accounted for more than 45 percent of the state's general revenues. By contrast, Alaska received roughly $2.9 billion in federal aid in 2012, just under 20 percent of the state's general revenues.[17]

The table below notes what share of Idaho’s general revenues came from the federal government in 2012. That year, Idaho received approximately $2.5 billion in federal aid, 34.9 percent of the state's total general revenues. Figures from surrounding states are provided for additional context.[17]

Federal aid to state budgets, 2012
State Total federal aid ($ in thousands) Federal aid as a % of general revenue Ranking
Idaho $2,479,094 34.9% 16
Colorado $6,310,538 28.84% 35
Montana $2,202,444 38.97% 6
Utah $4,481,494 31.61% 31
Wyoming $2,213,249 37.51% 8
Source: United States Census Bureau, "State Government Finances: 2012," accessed February 24, 2014

Stimulus

According to Recovery.gov, the official government website for the Recovery Accountability and Transparency Board, under the American Recovery and Reinvestment Act, Idaho received $1.6 billion in federal stimulus funding between February 2009 to June 2013.[18]

Idaho also received $104 million from the federal government under H.R. 1586, a $26 billion plan to give states money for Medicaid and education that the president signed into law on August 10, 2010.[19]

Budget process

Idaho operates on an annual budget cycle with each fiscal year beginning in July. The sequence of key events in the budget process is as follows:[20][21]

  1. Budget instructions are sent to state agencies in June of the year preceding the start of the new fiscal year.
  2. State agencies submit their budget requests to the governor by September.
  3. The governor submits his or her proposed budget to the Idaho State Legislature five days after the session convenes.
  4. In March the legislature adopts the budget. A simple majority is required to pass a budget.

Idaho is one of 44 states in which the governor has line item veto authority.[21]

The legislature is constitutionally required to pass a balanced budget; however, the budget does not have to be balanced in order for the governor to sign it into law.[21]

Agencies, offices and committees

The following standing committees in the Idaho State Legislature deal with budget and finance matters:

  1. Appropriations Committee, Idaho House of Representatives
  2. Finance Committee, Idaho State Senate
  3. Joint Finance-Appropriations Committee, Idaho State Legislature
  4. Revenue and Taxation Committee, Idaho House of Representatives
  5. Ways and Means Committee, Idaho House of Representatives

The Idaho Treasurer serves as the state's chief financial officer in charge of the collection and disbursement of state funds and management of investments. The treasurer is elected every four years in midterm election years and is a partisan office. There are no term limits for the position.

The Idaho Controller is the state's accountant, responsible for ensuring the state's bills are paid, maintaining records on the state's transactions, and issuing an annual financial report. The controller is elected every four years in midterm election years and is a partisan office. The controller may not serve for more than two consecutive terms.

Studies and reports

U.S. PIRG "Following the Money" report

See also: "Following the Money" report, 2014

The U.S. Public Interest Research Group, a consumer-focused nonprofit organization based in Washington, D.C., released its annual report on state transparency websites in April 2014. The report, entitled "Following the Money," measured how transparent and accountable state websites are with regard to state government spending.[22] According to the report, Idaho received a grade of F and a numerical score of 44, indicating that Idaho was "failing" in terms of transparency regarding state spending.[22]

Budget and finance ballot measures

Voting on
state and local
government budgets,
spending and finance
State finance.jpg
Policy
Budget policy
Ballot measures
By state
By year
Not on ballot
See also: Spending and finance on the ballot and List of Idaho ballot measures

Ballotpedia has tracked the following ballot measures relating to state and local budget and financial matters in Idaho.

  1. Idaho Bonds to Loan for Endowment Funds, SJR 4 (1946)
  2. Idaho Completion and Construction of State Capitol Building, HJR 3 (1910)
  3. Idaho Credit of the State, HJR 13 (1920)
  4. Idaho Disbursement of Moneys, HJR 3 (1946)
  5. Idaho Disbursement of Moneys, SJR 7 (1940)
  6. Idaho Expansion on Limitation of County and Municipal Indebtedness, SJR 4 (1968)
  7. Idaho Fund for School Districts, SJR 106 (1998)
  8. Idaho Increase Payment Time of Indebtedness, HJR 5 (1964)
  9. Idaho Limit Bonded Indebtedness of State, SJR 16 (1912)
  10. Idaho Limit Bonded Indebtedness of the State to Sum not Greater than One Percentum, SJR 10 (1918)
  11. Idaho Limitations on County and Municipal Indebtedness, SJR 11 (1966)
  12. Idaho Limits on State Debt, SJR 107 (1998)
  13. Idaho Loaning of Educational Funds, HJR 10 (1928)
  14. Idaho Millennium Fund, SJR 107 (2006)
  15. Idaho Permit Counties and Municipalities to Become Stockholders, SJR 4 (1918)
  16. Idaho Raise Limitation of Public Indebtedness, SJR 6 (1960)
  17. Idaho Restrict Use of Endowment Funds, SJR 5 (1940)
  18. Idaho Use of Revenue Bonds for Air Navigation Facilities, HJR 7 (1968)

Recent news

This section displays the most recent stories in a Google news search for the terms "Idaho budget."

Some of the stories below may not be relevant to this page due to the nature of Google's news search engine.

Idaho state budget and finances - Google News Feed

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Contact information

Idaho Division of Financial Management
304 N. 8th Street, 3rd Floor
PO Box 83720
Boise, ID 83720-0032
Ph: 208-334-3900
Fx: 208-334-2438
E-mail: info@dfm.idaho.gov

See also

External links

Additional reading

References

  1. Bureau of Labor Statistics, "CPI Detailed Report Data for February 2014," accessed April 9, 2014
  2. InflationData.com, "Cumulative Inflation Calculator," February 28, 2014
  3. 3.0 3.1 3.2 3.3 3.4 3.5 3.6 National Association of State Budget Officers, "State Expenditure Report: 2012-2014," accessed February 18, 2015
  4. United States Census Bureau, "State and County QuickFacts," accessed February 23, 2014
  5. National Association of State Budget Officers, "State Expenditure Report, 2009-2011," accessed February 24, 2014
  6. National Association of State Budget Officers, "State Expenditures Report, 2010-2012," accessed February 24, 2014
  7. National Association of State Budget Officers, "State Expenditure Report, 2009," accessed February 24, 2014
  8. National Association of State Budget Officers, "State Expenditure Report, 2008," accessed February 24, 2014
  9. 9.0 9.1 Tax Policy Center, "State Tax Collection Sources 2000-2013," June 20, 2014
  10. 10.0 10.1 National Association of State Budget Officers, "Summaries of Fiscal Year 2015 Proposed and Enacted Budgets," July 11, 2014
  11. State Budget Solutions, "State Budget Solutions' Fourth Annual State Debt Report," January 8, 2014
  12. Morningstar, "The State of State Pension Plans 2013: A Deep Dive Into Shortfalls and Surpluses," accessed September 16, 2013
  13. The Pew Charitable Trusts, “The Fiscal Health of State Pension Plans Funding Gap Continues to Grow,” accessed April 8, 2014
  14. Stateline: The Daily News Service of The Pew Charitable Trusts, "Infographic: S&P State Credit Ratings, 2001-2012," July 13, 2012
  15. Bankrate, "The 6 states with the worst credit ratings," September 27, 2012
  16. Stateline: The Daily News Service of The Pew Charitable Trusts, "Infographic: S&P State Credit Ratings, 2001-2014," June 9, 2014
  17. 17.0 17.1 United States Census Bureau, "State Government Finances: 2012," accessed February 24, 2014
  18. Recovery, "Stimulus Spending by State," February 2014
  19. Federal Fund Information for States "ARRA FMAP Extension & Education Jobs Fund Totals," Aug. 11, 2010
  20. National Conference of State Legislatures, "State Experiences with Annual and Biennial Budgeting," updated April 2011
  21. 21.0 21.1 21.2 National Association of State Budget Officers, "Budget Processes in the States, Summer 2008," accessed February 21, 2014
  22. 22.0 22.1 U.S. Public Interest Research Group, "Following the Money 2014 Report," accessed April 15, 2014