Budget Projections Show Iowa’s Economy Begins to Recover
The state’s non-partisan budget experts boosted state budget projections this week showing the state will have a $480 million surplus at the end of the year with an additional $434 million in the state’s savings accounts.
State Representative Bob Kressig of Cedar Falls responsibly took action during the 2010 legislative session to lay groundwork for Iowa’s economic recovery by balancing the state budget without raising taxes and reorganizing state government to save more than $300 million.
"While the national recession still lingers, we can see Iowa's economy is beginning to recover. In addition to balancing the state budget without raising taxes, we focused on growing our economy with initiatives to give small businesses and the renewable energy industry a boost. With a $480 million surplus and an additional $434 million in our savings accounts, it’s clear our efforts to strengthen our economy are working,” said Kressig.
The Iowa Revenue Estimating Conference is a three-member group that meets quarterly and sets the amounts the governor and legislators must use for creating their budgets. The Revenue Estimating Conference will meet again in December and the Governor and the Legislature must use those numbers in crafting the FY 2012 budget during the 2011 Legislative Session.