Iowa lawmakers will have more difficult decisions to make after the state’s Revenue Estimating Committee came in with a lower forecast for budget revenues in the current fiscal year and for 2018.
While the money coming into the state is more than the previous year and after legislators had to cut $118 million from this year’s spending, they’ll have to come up with another $132 million before the end of the session.
Representative Guy Vander Linden says lawmakers will likely have to tap into reserve accounts for the current spending year, and make difficult cuts when it comes to appropriations for 2018.
Tax receipts and other sources of revenue are expected to come in for next year at $191 million less than previously estimated back in December. Vander Linden says Iowa House leaders have called for a review of the estimating process, as the Revenue Estimating Committee has come up short on predictions frequently over the past three years.