From Rep. Sharon Steckman –
Iowa has less than a month left in fiscal year 2013, which ends on June 30th, but preliminary indications are that it will be another banner year in revenue growth.
The Legislature based its budget on estimates from a group of non-partisan budget experts, the Revenue Estimating Conference (REC), which projected 5.2% growth for the next fiscal year. Through the end of May, net revenues are up 9.7%, making it likely the state will end up with more revenues than has been estimated.
Currently, the Legislature anticipates the state will collect $6.526 million in net revenues this year, which is an increase of $323.8 million over last year. If state revenues are able to maintain the current 9.7% growth rate, revenues would increase by $601.6 million and leave the state with a $924 million surplus and an additional $622 million in reserve funds.