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 $127.3 million.
|State of Iowa
Estimated Condition of the General Fund
($ in Millions)
|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|
|Total Funds Available||7,280.6||7,383.9||103.3|
|Adjustment to Standings||-||6.8||(6.8)|
|Program Area|| |
|Fiscal Year|| |
General Fund, State Budget, REC Projections