As the 2020 Legislative Session resumes this week, lawmakers will have a slightly clearer picture as to what they will have to budget for.

The Iowa Revenue Estimating Conference met Friday in an emergency session to revise estimates for the current fiscal year and the upcoming 12-months starting July 1st. According to the panel, revenues for the current budget will drop by $150 million, and an additional $360 million less in collections than March projections made just before several closures related to the COVID-19 pandemic.

Representative Dustin Hite anticipates there will be some cuts, but mainly for the 2021 fiscal year, as there is a sizable surplus currently sitting in the state coffers, and additional emergency money that could help offset deeper losses and prevent significant impact to the budget rolling forward.

According to Iowa Code, the state budget must remain balanced, and up to 99% of revenues can be spent, with lawmakers required to refer to the lowest estimate from the Revenue Estimating Conference as soon as the December report comes out, and any newer estimate that comes in below that number becomes the new target, typically when released in March.

The Iowa House and Senate will resume business this Wednesday.