Iowa budget closes with higher-than-expected revenue, $127 million surplus

Date: 
Tuesday, September 25, 2018

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

Printed from the website on November 25, 2020 at 4:11pm.