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Thursday, June 18, 2009

Iowa Independent: Despite negative fiscal forecast, Culver hesitant to call special session

Excerpted from this post at Iowa Independent

A special session may be needed in order to balance Iowa's budget for
FY2009, which ends July 1, according to a report by the nonpartisan
Legislative Services Agency (LSA). But Gov. Chet Culver Press
Secretary Troy Price told the Iowa Independent it is too early to
consider a special session as "the decline in revenues may be nothing
more than typical month-to-month fluctuations." In an interview with
The Cedar Rapids Gazette's James Lynch, LSA fiscal analyst Jeff
Robinson said based on his projections, and because of a downturn in
tax receipts, the state could spend all of the $45 million left as a
balance after the legislative session ended in April as well as the
$50 million the governor has the authority to transfer from reserves
and still be in the red.


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