Iowa Governor Kim Reynolds commented on the state’s financial outlook following the October meeting of the Revenue Estimating Conference (REC). She highlighted Iowa’s current fiscal status, stating, “Iowa is in strong financial position with a State General Fund ending balance of more than $1.88 billion, more than $4 billion in the Taxpayer Relief Fund, and full reserve funds. Now that Iowa’s 3.8% flat income tax is fully implemented, Iowans have more of their own money today than they did at this same time last year. As a result, the state’s General Fund revenue is down just as we projected and responsibly planned for, and just as it should be. Government should only ask from its taxpayers what it needs to operate effectively on their behalf.”
Governor Reynolds attributed recent adjustments in revenue projections to changes at the federal level. “The REC’s adjustment to its March projections is based primarily on passage of President Trump’s historic tax cuts in July, which will save Iowans an additional $3,000 a year on average. Iowa’s strong fiscal health is due to a strong commitment to fiscal conservatism by my administration and legislative leadership, and we will continue to be good stewards of taxpayer dollars," she said.
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