HELENA – Analysts say numbers from the state’s 2014 fiscal year that ended in June show the 2015 biennium budget remains close to projections.
Legislative Fiscal Division officials told lawmakers on Thursday revenues through June were about 1 percent higher than projected. Spending also came in lower than what was estimated.
As a result, the state is forecasting about $364 million will remain in the general fund at the end of the 2015 budget period. That’s up about $19 million from a June projection.
Analysts say the revenue was up because individual income taxes and property taxes generated more revenue than expected. About 51 percent of revenue comes from individual income taxes. Corporate income taxes, however, continue to come in below what was estimated.