Idaho revenue gets boost from mortgage settlement

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by Associated Press

KTVB.COM

Posted on June 8, 2012 at 11:13 AM

BOISE -- A big mortgage settlement that benefited Idaho helped push state revenue in May to $33.7 million ahead of projections with just one month of the fiscal year to go.

The state got a $13.3 million share of the historic $25 billion settlement with Bank of America, Citi, J.P. Morgan Chase, Ally and Wells Fargo over mortgage origination, servicing, and foreclosure practices.

For the month, total revenue missed projections -- coming in at $151 million, or about $3 million less than projected.

The big culprit behind the lagging income was higher-than-expected refunds for individual taxpayers, which the state blames on a change in historical refund patterns used to craft the forecast months ago.

For June, Idaho must reap some $250 million from all revenue sources in order to stay on track.

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