STATEMENT FROM HOUSE SPEAKER PAT MURPHY & HOUSE MAJORITY LEADER KEVIN MCCARTHY ON BUDGET SURPLUS
The strong revenues and surplus show our efforts to balance the state budget without raising taxes and strengthen our economy are beginning to pay off. The better than expected revenue growth is yet another sign that Iowa's economy is beginning to recover.
The surplus proves that the doom and gloom rhetoric from Republicans about the state's finances is just plain wrong. Since state revenues beat the REC estimate by $265 million, our state savings accounts will be nearly full at the end of next year.
The state surplus is just the latest in a string of good news pointing to an economic recovery in Iowa. At the same time Iowa businesses forecast a positive economic outlook for the next six months, Iowa's unemployment rate dropped last month and is the 9th lowest in the country. We are also one of just seven states to earn the triple crown of credit ratings from the major agencies that rate fiscal health for businesses and governments in the country and are tied for 2nd best in the nation for fiscal strength from the non-partisan Pew Center on the States.