The dome of the Idaho Statehouse looms over the snowcovered foothills in Idaho’s capitol city of Boise in this undated photo. (AP Photo/Troy Maben).

BOISE, Idaho (AP) — Idaho’s budget surplus is estimated to be $1.6 billion, financial analysts said.

The Division of Financial Management in a news release Thursday said general fund revenues for the first five months of the fiscal year that started in July are $255 million above projections.

The agency said the record surplus comes from an $890 million ending balance for fiscal year 2021, which ended June 30, combined with another $720 million from the increased revenue forecast.

State officials said the $1.6 billion surplus could change up or down based on monthly revenue collections going forward.

Officials said general fund revenue for November was about $47 million more than predicted.

The Legislature is scheduled to meet in Boise on Jan. 10, and lawmakers will look at setting state agency budgets.

Republican Gov. Brad Little earlier this month hinted at possible tax cuts stemming from the projected surplus.

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