$111M to go to Montana agencies, treasury, rainy day fund

HELENA (AP) — Montana officials say the state collected enough revenue to give $111 million to government agencies, the treasury and a new rainy day fund.

Legislative Fiscal Division officials said Thursday the state collected $2.4 billion in revenues during the financial year that ended last month.

That’s $29 million below the forecast used to write the two-year state budget, but more than $111 million above the estimate Gov. Steve Bullock used to call a special legislative session last fall.

The session led to spending cuts and transfers aimed at closing the budget shortfall. It also resulted in a bill that called for dividing excess revenue should tax collections come in above the governor’s estimate.

LFD officials say $20 million will go to the general fund, $45.6 million to state agencies and $45.6 million to the new budget stabilization reserve fund.