Post by Logan on Dec 13, 2016 0:25:19 GMT -6
A decline in projected state tax revenue will force $100 million in spending cuts for the current state fiscal year, according to Gov. Terry Branstad's top budget administrator
David Roederer, director of the Iowa Department of Management, said Monday the governor will propose budget reductions when the Iowa Legislature convenes in January. Branstad intends to work cooperatively with lawmakers to selectively address the budget shortfall, but he does not anticipate it will include cuts in state aid for kindergarten-through-12th grade schools.
The current state budget, for the fiscal year ending June 30, 2017, is now projected to have about $7.2 billion in revenue. That's up 4.2 percent compared with the past state fiscal year, but it represents a decline of $96.2 million compared with a revenue forecast issued in October. For the 2018 state fiscal year, revenue is projected at about $7.5 billion, which would be up 4.8 percent compared with the current year's latest forecast.
Roederer chairs a three-member Iowa Revenue Estimating Conference that reviewed the state's balance sheets on Monday. He said flatly after the meeting that Branstad won't order across-the-board budget reductions and he emphasized that Iowa is not entering an economic recession.
Read more: www.desmoinesregister.com/story/news/politics/2016/12/12/state-faces-100-million-budget-cuts/95345448/
David Roederer, director of the Iowa Department of Management, said Monday the governor will propose budget reductions when the Iowa Legislature convenes in January. Branstad intends to work cooperatively with lawmakers to selectively address the budget shortfall, but he does not anticipate it will include cuts in state aid for kindergarten-through-12th grade schools.
The current state budget, for the fiscal year ending June 30, 2017, is now projected to have about $7.2 billion in revenue. That's up 4.2 percent compared with the past state fiscal year, but it represents a decline of $96.2 million compared with a revenue forecast issued in October. For the 2018 state fiscal year, revenue is projected at about $7.5 billion, which would be up 4.8 percent compared with the current year's latest forecast.
Roederer chairs a three-member Iowa Revenue Estimating Conference that reviewed the state's balance sheets on Monday. He said flatly after the meeting that Branstad won't order across-the-board budget reductions and he emphasized that Iowa is not entering an economic recession.
Read more: www.desmoinesregister.com/story/news/politics/2016/12/12/state-faces-100-million-budget-cuts/95345448/