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Steckman: Iowa could see $1.5 billion in surplus funds

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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