William Petroski and Brianne Pfannenstiel , Des Moines RegisterPublished 2:52 p.m. CT March 14, 2017
Updated 16 hours ago
A decline in the state’s revenue forecast will force the Iowa Legislature to plug a $131 million budget gap for the fiscal year ending June 30, which will likely require lawmakers to dip into cash reserve funds.
Iowa’s economy is still expanding, but at a slower rate than previously forecast as prices for farm commodities such as corn and soybeans remain low and other factors hamper revenue growth, said David Roederer, director of the Iowa Department of Management. He chairs a three-person state panel that agreed Tuesday to approve a state revenue forecast of $7.106 billion for the current fiscal year, which represents growth of 2.7 percent compared to the 2016 budget year.
Read the full story at the Des Moines Register.