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Steckman: Iowa could see $1.5 billion in surplus funds

This news story was published on December 18, 2012.
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Legislator Sharon Steckman

From Representative Sharon Steckman –

The state’s non-partisan budget experts, the Revenue Estimating Conference (REC), held their quarterly meeting and increased their estimate for revenue growth from $6.482 billion to $6.517 billion for the state’s current fiscal year, 2013.  Citing Iowa’s growing economy, the new estimate has revenues growing by 3.3%, or $206 million more than last year.

The REC members continued to voice concerns that the national economy is not as robust as they would like to see, but it is growing.  Iowa’s economy has been out pacing the national economy and the REC members are concerned the national economy might dampen Iowa’s progress.  Through the end of November, Iowa has seen general fund receipts grow by 9.8% compared to this same time last year.

The higher revenue estimate for FY 2013 increases the expected ending balance in the state general fund budget to $847 million.  The state reserve funds are full at $622 million and there is also $60 million in a taxpayers trust fund. The State is expected to have more than $1.5 billion in surplus funds at the end of FY 2013.

The REC also increased their estimate for FY 2014 from $6.723 billion to $6.739 billion, an increase of 3.4% over their new estimate for FY 2013.  Under Iowa’s spending limitation law, the Legislature and the Governor must use this December revenue estimate in crafting the FY 2014 budget.  The REC will meet again in the spring and they will have an opportunity to make further revisions to both the FY 2013 and FY 2014 estimates.

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7 Responses to Steckman: Iowa could see $1.5 billion in surplus funds

  1. Avatar

    happyguy Reply Report comment

    December 19, 2012 at 6:12 pm

    if we have such a big surplus why, in the wake of the mass murders on Fri, does the governor want to cut spending on mental health. Isn’t that part of a solution to help curb these atrocities?

  2. Avatar

    LVS Reply Report comment

    December 19, 2012 at 8:49 am

    Anytime the Unions see there might be some extra money they want to come in an d clean it out and leave the rest of us with raising taxes. Pay the bills and make some needed infastructure repairs and lower our taxes. Isn’t it funny that when ever the Democrats are in total control like with Culver we spend ourselves into banlruptsy and then the Republicans come in and all the sudden there is a surplus. Makes you wonder doesn’t it?

  3. Avatar

    JB Johnson Reply Report comment

    December 18, 2012 at 11:01 pm

    lower the sales tax

  4. Avatar

    sad but true Reply Report comment

    December 18, 2012 at 11:51 am

    by my account, that means we are at least 1.5 billion over taxed. Do we get a refund? Or are we just going to devide it up between the state employees?

  5. Avatar

    Anonymous Reply Report comment

    December 18, 2012 at 9:57 am

    But But – if you paid off your debt to the Iowa public sector retirement fund you would be 3 billion in debt – Lets have some chalk talk !

    • Avatar

      John Reply Report comment

      December 18, 2012 at 9:23 pm

      I agree, wipe the smile off your face Sharon and get to work to pay off the debt. This is the state of Iowa and not Obamaland.