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Tuesday, March 31, 2009

The Iowa Republican: State tightens its belt: Will only spend something like $7-8 billion next year

Excerpted from this post at The Iowa Republican

By the end of this week, Governor Chet Culver is required to submit a
new budget to the legislature based on the most recent projections
from the Revenue Estimating Conference (REC). Governor Culver's
original FY 2010 budget totaled $6.2 billion, the largest in Iowa's
history, but the REC estimates revenues for 2010 to only be $5.7
billion, meaning Culver will be forced to increase taxes or scale back
his original budget. Despite the news of government workers on
furloughs and legislators making budget cuts, Governor Culver and
Democrats will spend more money than ever in fiscal year 2010. First,
there is the federal stimulus money which will total $600 million, and
second, they are poised to borrow $750 million to spend on various
projects around the state.

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Mike Schramm
Andy Szal

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