As Iowa revenues fall, lawmakers likely have to take millions from reserves to meet budget

Iowa tax collections projected to drop 6.9% next year

(Des Moines) -- Governor Reynolds and other Republicans say the latest state revenue projections show tax cuts are working as intended.

Iowa lawmakers to dip into state reserves to balance budget as revenues decrease - The Daily Iowan

Iowa lawmakers will have to dip into the state’s reserve funds for next year’s budget as state tax projections estimate the state’s revenue will decrease by $640 million between fiscal 2025 and fiscal 2026.  The state’s Revenue Estimating Committee projected the state will take in $8.51 billion in fiscal 2026 as the governor’s 3.8 percent flat tax, which took full effect on Jan. 1. Iowa Gov. Kim Reynolds has proposed a $9.4 billion budget, using…

Estimates show Iowa's revenue decreasing, dipping into state reserves likely

Iowa's Revenue Estimating Conference (REC) predicted in a Thursday meeting Iowa's revenue will decrease in fiscal year 2026 which starts July 1. They estimate t

Panel says Iowa still in sound position for tax cuts despite economic uncertainty

Jennifer Acton, right, director of the Fiscal Services division of the Legislative Services Agency, spoke on revenue projections for the state of Iowa at the Revenue Estimating Conference March 13, 2025. Acton is a member of the REC alongside Kraig Paulsen, center, the state budget director and Jeff Plagge, director for Northwest Bank in Spencer. (Photo by Robin Opsahl/Iowa Capital Dispatch)Members of the Iowa Revenue Estimating Conference said …

As Iowa revenues fall, lawmakers likely have to take millions from reserves to meet budget

A state panel said it expects Iowa to take in $8.51 billion in the upcoming fiscal year. That's $400 million less than Iowa is spending this year.

Iowa lawmakers will have to dip into state savings to cover next year's budget gap

Iowa lawmakers will need to use some of the state’s savings to cover part of the state budget next fiscal year, after revenue forecasters estimated Thursday that Iowa will bring in about $400 million less next year than it spent this year.