Iowa House of Representatives

The Revenue Estimating Conference (REC) met on Friday and boosted state revenue projections for 2008 and 2009.  The Legislature uses the REC estimates to craft the state budget.

For Fiscal Year 2008, the REC increased estimated growth from 6.0% to 7.2%, which is $415.9 million more than the state received in FY 2007. This new estimate is $78.8 million higher than their estimate in December 2007.

For Fiscal Year 2009, the REC estimates the state will collect $6.189 billion, which is $127.9 million more than is anticipated in FY 2008. This new estimate is $49.1 million higher than the REC estimated in December 2007.

Opening remarks from Iowa House Speaker Pat Murphy of Dubuque:

Since I have mentioned this person by name during the past two sessions, and before I welcome you all back today, the first thing I would like to say is welcome back to a member who has served our country abroad for the last two years. Representative Zirkelbach, welcome back. (more…)

The Revenue Estimating Conference met yesterday and provided a small boost to the fiscal year 2008 revenue estimate and maintained a modest revenue estimate for FY 2009. They increased their net revenue estimate for FY 2008, from 5.1% to 6.0%. This means the state is estimated to experience an increase in revenues of $337.1 million over FY 2007, which is $48.6 million higher than their previous estimate.

The REC did not changes the revenue estimate for FY 2009 over their October estimate, which projected net revenues will increase by another 2.6%, or $156.6 million above FY 2008. This 2.6% increase is the estimate that the Governor and Legislature must use when crafting the state budget during the 2008 legislative session, which begins on January 14th.

House Democrats held a planning session for the 2008 legislative session on Monday at the State Capitol and said they will build on the progress made in 2007 for middle class families while balancing the state budget.

According to the non-partisan Legislative Services Agency, the State of Iowa’s savings accounts are full at $592 million, which is an increase of $366.8 million in the last four years and is the highest amount ever. Raided by Republicans in previous years, the Senior Living Trust Fund will also be repaid $182.8 million of the $300 million owed to help keep seniors in their homes. (more…)

The Sustainable Funding for Natural Resources interim committee, which is co-chaired by State Representative Paul Bell of Newton, heard last week that an additional $150 million per year is needed to support Iowa’s natural resources. The goal of the committee is to find a sustainable funding for our natural resources needs, including parks and trails; soil and water conservation; and fish, wildlife, and other natural areas.

The committee also heard from legislative colleagues from Missouri, Minnesota, Michigan, and North Carolina on how they provide sustainable funding for natural resources. The committee hired Iowa State University’s Center for Agriculture and Rural Development to conduct a comprehensive review, analysis, and compilation of existing state and regional data concerning the economic impact and benefits of natural resources in Iowa. The committee will meet again December 11th and make recommendations to the full Legislature.