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Iowa budget revenue expected to grow

Wed 10-14-2020

DES MOINES, Iowa (AP) — State budget experts say they expect state revenues to be about $1.9 million less than last year, revising their estimate to $7.91 billion. The forecasters also estimated Tuesday that the state will bring in about $319 million more for next year despite economic challenges from the coronavirus pandemic and a sagging farm economy.

The estimate by the Revenue Estimating Conference for the upcoming year would equate to 4% revenue growth, giving the state about $8.23 billion to spend. The group by law must meet again in December and provide an estimate that Gov. Kim Reynolds must use to draft a budget.