Republicans in the Iowa Senate have announced their budget goals for the FY2023 budget, which includes a match of Governor Reynolds target of $8.2 billion, $283 million or 3.5% in new spending, and a total of $205,836,000 in reductions from the current year equaling a net increase of $76.8 million and a projected surplus of $914 million. State Senator Julian Garrett tells KNIA News Republicans in the Senate have projected balanced budgets for the next five years without the numbers from the Revenue Estimating Conference in March, which includes tax cuts that will result in income tax cuts, ending in a 3.6% flat tax.

“We are in such a strong fiscal position that we feel confident in doing that because we don’t think that a small difference in the March Revenue Estimating Conference would be enough to make a significant difference, so we are doing that now and trying to get it done earlier than normal and we think that we can safely make these projections now.”

For more information, tune in to today’s Let’s Talk Indianola.