How is Idaho’s Budget Set?
The first meetings of 2024 Legislative session begin with the Economic Outlook and Revenue Assessment Committee (EORAC). It is my privilege to be the House Chair, hence, committee Co-chair along with Senate Co-chair Senator Cook.
– Continued from Magic Valley News –
Idaho Constitution Article VII,Section 11 states “…no expenditure authorized by the legislature shall exceed the total tax then provided by law..” The purpose of the committee is “to make an overall assessment of Idaho’s economic outlook and the General Fund revenues.” The committee is comprised of 11 House and 10 Senate members.
The EORAC will begin at 9:00am January 4 th . There will be 16 presentations from economists and representatives of the major segments of Idaho’s economy providing a summary of economic activity during the last year and providing estimates for business revenues for the current and next fiscal year. Each committee member will provide their estimate of revenue projections. A summary of these projections will be presented to the Joint Appropriations and Finance Committee (JFAC) along with a recommendation for total budget expenditures in February. JFAC will then vote to establish a budget expenditure number.
And that is how it’s done!! Once the budget total is established, all budget appropriations must not exceed the budget set by JFAC. The meetings may be viewed at https://legislature.idaho.gov/sessioninfo/2024/joint/eora/ . I look forward to a happy and prosperous new year for you and for Idaho. It is an honor to serve you in the Idaho House of Representatives.
Representative Steve Miller
(208) 332-1061
smiller@house.idaho.gov
