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 [...]
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 [...]
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 [...]