Posts Tagged ‘Fiscal Responsibility’

Courts Outline Budget Cuts

The Iowa Supreme Court announced their budget saving plan for Fiscal Year 2010 (which begins on July 1). Since the national recession has weakened state revenues over the last 12 months, the courts are reducing expenses by $5.4 million next year. Earlier this month, legislators outlined their plan to reduce the Legislature’s budget by 10% next year.

Here’s the release from the Iowa Supreme Court:

Budget Ax Continues to Hit Iowa Courts
Contact: Rebecca Colton, Counsel to the Chief Justice, (515)281-8205

Des Moines, June 25, 2009 – Today, the Iowa Supreme Court announced another round of cost cutting for the state’s court system-the second round of cuts since January. This latest round of cuts is necessary to balance the Judicial Branch budget for Fiscal Year 2010, which begins July 1. (more…)

Tags: Fiscal Responsibility, Iowa Budget, iowa finances, Iowa Supreme Court
Category Budget |

State Fiscal Year Ends with Strong Economy

The state’s 2008 fiscal year concluded on June 30 and fiscal year 2009 began on July 1. Preliminary reports from the non-partisan Legislative Fiscal Bureau on state general fund receipts indicate that revenue collections exceeded expectations.

Fiscal Year 2008 ended with 9.4% revenue growth. This rate of collections compares with the Revenue Estimating Conference (REC) estimate of 8.8%. This higher rate of collections is a positive sign of the strength of Iowa’s economy, despite a slowing national economy. (more…)

Tags: Balanced Budget, Democrats, Fiscal Responsibility, Iowa Legislature, state budget
Category Budget |

Stong Iowa Economy Boosts State Revenues

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.

Tags: Balanced Budget, Fiscal Responsibility, Iowa Budget, Revenue Estimating Conference
Category Budget |