The newest revenue estimates were recently released for the state of Iowa.

District 24 Senator Jesse Green (R-Boone) says the Revenue Estimating Conference (REC) reported their estimates from March and they anticipate an even more of an increase from their December figures of $135 million in the current fiscal year, which is even more than what was projected from this past December, when revenues were up to $300 million. He notes that would bring the state’s total revenue for the 2023 fiscal year to $9.7 billion.

“When you take into account the tax cuts that have been enacted and stuff like that, that’s only a half of a percent less than a year ago. So again every barometer we’re using to make our budget is looking fantastic. I’m excited about that. I’m on the appropriations committee (and) we will be starting to ramp things up in that committee here pretty quick now that we have these numbers.”    

Green points out the REC’s projection for the 2024 fiscal year is $9.6 billion, which is only $30 million of more money compared to their December report. He says the legislature is required to take the March REC projections to base their budgetary work on for the rest of the session.