The state’s non-partisan budget experts met this week and reported the state has a balanced budget with over $1 billion in surplus and reserves. They also expect continued growth and a strong economy through the next fiscal year.

Iowa ended fiscal year 2014 with $6.5 billion in revenue with over a $650 million surplus and an additional $680 million in the state’s savings accounts.

The Revenue Estimating Conference, which meets again in December, is projecting a modest 4.8% growth projection next year, which is the first step in putting together a budget during the 2015 session. Under Iowa’s spending limitation laws, the Governor and the Legislature will use those numbers in crafting the FY 2016 budget.

The Iowa Revenue Estimating Conference  is a three-member group that meets quarterly and  sets the amounts the governor and legislators must use for creating their budgets.