Idaho ends fiscal 2011 with $85 million surplus

BOISE, Idaho (AP) – Final figures for fiscal year 2011 show Idaho came in with $85 million more in tax revenue than projected by state financial managers. Gov. C.L. “Butch” Otter released the final figures Tuesday for the fiscal year that ended June 30. Altogether, the state collected $2.44 billion from sales, income and corporate tax receipts, up 7.9 percent from the previous year. Much of the extra cash will be diverted to public schools and community colleges because of agreements made with the federal government to maintain school funding levels. Otter says public schools will receive nearly $60 million of the surplus revenue, while community colleges will get $7.5 million. Despite the positive news, Otter says it’s critical to maintain a cautious approach to revenue as Idaho tries to emerge from the recession.

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