Iowa budget closes with higher-than-expected revenue, $127 million surplus
It was estimated that the state would end the fiscal year with an ending balance of $31.7 million. After accounting for revenue accruals and taking into account adjustments to tax refunds and appropriations, the ending balance for the State is $127.3 million.
The Revenue Estimating Conference (REC) estimate, after adjusting for revenue changes from 2018 Legislative Session, was 0.6% growth in the FY2018 Budget. Actual growth was 2.0%
General Fund revenues received by June 30, 2018 on a cash basis was $8,830.8 million or $11.3 million more than the REC estimate.
Revenue Accruals (tax payments due June 30, 2018, that came in after June 30, 2018) totaled $48.0 million, the REC estimate was -$2.7 million.
The REC estimate for tax refunds was -$1,177.4 million, actual refunds issued for FY2018 was -$1,135.1 million.
Projected FY2018 General Fund revenue was estimated to be $7,280.6 million. Actual FY2018 General Fund revenue is $7,383.9 million
Projected FY2018 net General Fund appropriations was $7,248.9 million. Actual FY2019 net General Fund appropriations are $7,256.6 million.
Projected FY2018 General Fund ending balance was $31.7 million. Actual FY2018 ending balance is $127.3 million.
| State of Iowa Estimated Condition of the General Fund Financial Summary ($ in Millions) |
|||||
| FY2018 | |||||
| Estimate | Actual | Difference | |||
|---|---|---|---|---|---|
| Estimated Funds Available: | |||||
| Gross Revenue - Cash Basis | 8,819.5 | 8,830.8 | 11.3 | ||
| Tax Refunds - Accrual Basis | (1,177.4) | (1,135.1) | 42.3 | ||
| School Infrastructure - Accrual Basis | (479.3) | (480.8) | (1.5) | ||
| Transfers - Accrual Basis | 110.7 | 121.0 | 10.3 | ||
| Accruals | (2.7) | 48.0 | 50.7 | ||
| Revenue Adjustments | 9.8 | - | (9.8) | ||
| Total Funds Available | 7,280.6 | 7,383.9 | 103.3 | ||
| Expenditure Limitation | |||||
| Estimated Appropriations: | |||||
| Enacted Appropriations | 7,254.3 | 7,254.3 | - | ||
| Adjustment to Standings | - | 6.8 | (6.8) | ||
| Total Appropriations | 7,254.3 | 7,261.1 | (6.8) | ||
| Reversions-operations | (5.0) | (4.1) | (0.9) | ||
| Reversions-Item Vetoes | (0.4) | (0.4) | - | ||
| Net Appropriations | 7,248.9 | 7,256.6 | (7.7) | ||
| Ending Balance | $31.7 | $127.3 | $95.6 | ||
| Program Area | State Budget
|
|---|---|
| Fiscal Year | 2018
|
| Topic(s) | General Fund, State Budget, REC Projections
|