DES MOINES, Iowa (AP) — State budget experts say Gov. Kim Reynolds and the legislature will have about $360 million less to use for next year’s budget than earlier expected.
The Iowa Revenue Estimating Conference, a group of three people responsible for estimating state revenue, set lower expectations for this year and next after debating the economic impact of the coronavirus pandemic.
The group lowered the state revenue estimate for the current year, which ends June 30, by $150 million from a March estimate.
For next year, officials will have about $7.88 billion to work with. That’s about $360 million less than had been estimated in March.