From Rep. Sharon Steckman:
The 2012 state fiscal year ended on June 30th with revenue collections exceeding estimates by more than $156 million. State revenue growth was up 6.8%, collecting just over $6.122 billion in revenue for the year and increasing $290 million from the previous fiscal year.
The extra revenue growth will add to the budget surplus projected for fiscal year 2012. While the State won’t officially close the books on the fiscal year until October, these additional revenues are expected to boost the state’s ending balance from the estimated $430 million to possibly as much as $586 million. When the ending balance is combined with the state’s $595 million reserve funds, the state’s surplus will total over $1.18 billion.
Better than expected revenue growth is one indicator that the economy continues to improve. Iowa’s nonfarm employment through the end of May was up 14,800 from the same period a year ago. However, Iowa’s 12-month average employment still lags behind the employment peak reached in October of 2008 by 42,400, which means there is still more that can be done to get Iowans back to work.
Personal income taxes, sales and use taxes, and corporate income taxes were the main sources of the better than estimated collection of revenues. Personal income tax receipts grew $172.6 million for the year, an increase of 5% and exceeding the 4.5% estimate. Sales and use tax receipts grew $123.9 million, an increase of 5.2% and exceeding the 3.2% estimate. Corporate income tax receipts grew $126.2 million, an increase of 32% and exceeding the 25.5% estimate.
In other words, we sucked more money out of you poor saps then we thought we would. (How wonderful Sharon, I feel all warm and fuzzy now.) I aggree with JBJ, more taxes because of inflation.
“Corporate income tax receipts grew $126.2 million, an increase of 32% and exceeding the 25.5% estimate.” (This gives these job creating corporations more reasons to leave the State of Iowa for more business friendly tax states, Iowa is among the highest in the nation.)
I think this time I am only going to consider candidates who are going to act like grown ups and at least try to cut some programs. Anybody know if somebody is going to run against her and quit spending so much?
How ’bout that McCourt fella that ran for school board ? He’s a conservative fella – sign him up to run against $pender gal
You won’t get rid of her because she has the TEACHERS UNION behind her all the way !
That’s wonderful. Now when will you be talking about govt programs you plan to cut so spending can get under control?
How ’bout some more welfare handouts especially for the North End gangs ? That’s what they come to M.C. for .. all the welfare programs made readily accesible to them and their hoodie’s… just give ’em mo’ money !
She is just licking her lips waiting to spend any and all surplus on education or welfare.
Because education is one of the worst things tax dollars can be spent on. Educating children, what a waste! Next thing you know the government will want to spend money on public safety services like firefighters and police! Can you imagine?
i would gladly spend more on edu if i could see results. As it is now it seems the most important thing we spend on is pay increase for dead wood and corruption
of course you have more money coming in. It is called inflation