REC Projecting Steady Growth for FY22 and FY23
October 22, 2021
The Revenue Estimating Conference (REC) convened last Friday and projects the State of Iowa will see stable growth for the current and coming fiscal years. The REC, a three-person panel that provides budget forecasts for Governor Kim Reynolds and the Iowa Legislature, estimates the FY22 budget will be $8,934.2 billion, or a 1.5% increase over FY21. It also projects the FY23 budget will be $9,074.7 billion, or an increase of 1.6% over FY22. Iowa closed FY21 with a record budget surplus of $1.24 billion and net receipts of $8,800.6 billion, which is an increase of 11% than FY20.
Given those facts, Governor Kim Reynolds and Senate Majority Leader Jack Whitver both issued statements following the conclusion of last week’s REC meeting. Both leaders indicated they would be pressing for reductions in income taxes for Iowa taxpayers in 2022. Leader Whitver also recently appeared on Iowa Press where he emphasized that message. You can view Governor Reynold’s release and Sen. Whitver’s statement.
Read more below:
The Gazette: Gov. Reynolds, Sen. Whitver call for Iowa tax cuts
The Des Moines Register: Republicans call for more tax cuts as Iowa panel increases revenue estimates for next two years
Radio Iowa: Whitver says eliminating Iowa's income tax should be the goal