A look at the state’s finances for the upcoming fiscal year was updated this week by the Revenue Estimating Conference. The latest figures didn’t budge much from projections first shown in March — the current fiscal year 2020, which started on July 1st, is predicted to have 1.3% growth in overall tax revenue from the previous 12 months. The legislature determined that budget in the previous legislative session. The 2021 projections showed the potential for 2.7 percent growth, which is what the Iowa House and Senate will plan for starting in January. State Senator Ken Rozenboom and Representative Dustin Hite say the numbers are encouraging, given the uncertainty of trade deals and a sluggish agriculture sector. Both say while these projections are informative, the numbers they are required to budget from will be released in December. Also, they are hopeful the state remains on track to receive enough revenue to deepen tax cuts approved in 2018, which only continue if enough money is coming into state coffers to meet triggers implemented, in part, due to former Representative Guy Vander Linden, who championed the effort in his final year in the legislature.

Full interview with the legislators: