As House Republicans begin rolling out our budget targets, we will craft a budget with job creators in mind. Our conservative approach will create stability and certainty for all Iowans.
Our Budget Returns to Commonsense Budgeting Principles
We will align ongoing spending with ongoing revenue. Iowans cannot afford a government that spends more money than it takes in. Anything less jeopardizes Iowa’s long-term economic health.
We will end the practice of using one-time money for ongoing expenses. This is not how
Iowans balance their own checkbooks at home and it’s not how House Republicans will balance the government checkbook.
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Gov. Terry E. Branstad announced today that he will sign Senate File 2007, the first bill of the 2012 legislative session, into law tomorrow at 10 a.m. in the governor’s formal office. Joining the governor will be Lt. Gov. Kim Reynolds and Major Gen. Timothy Orr, head of the Iowa National Guard.
SF 2007 provides $1.3 million in additional resources for the National Guard Education Assistance Program, which covers tuition costs for returning service members at Iowa’s higher education institutions.
Tuesday, January 31, 2012
10 a.m. Gov. Branstad signs Senate File 2007 into law
Governor’s formal office
Iowa State Capitol
Des Moines, IA
On April 21, 2011, the Governor signed Senate File 209 into law. The most important element of that bill was the creation of the Taxpayers Trust Fund (TTF).
When House Republicans unveiled House File 45, the Taxpayers First Act, it contained a new Tax Relief Fund. The fund captured the entire ending balance from the previous year and required it be used for tax relief measures. Unfortunately this language was stripped out of HF 45 before it made its way to the Governor. Because of that, the language was added to SF 209, the tax coupling and supplemental bill.
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On Tuesday, January 10, Governor Branstad released his recommendations for the FY 2013 budget.
The Governor’s goals for his budget are to create 200,000 jobs, raise family incomes by 25 percent, make Iowa #1 in education again and reduce the cost of government by 15 percent.
The Governor recommends appropriating $6.244 billion, or $240 million more than adjusted FY 2012 appropriations. This is a 4 percent increase over FY 2012. Total appropriations are $230 million more than adjusted FY 2012 but that does not take into account operational and program reversions.
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This morning we received the Governor’s budget recommendations for FY 2013. We will be doing a thorough line-by-line review of the recommendations and have a caucus later in the week to give you additional details.
House Republicans appreciate that the Governor released his budget this early in session because it will allow us to get to the important work of creating a budget that is sustainable, while funding the priorities of Iowans and creating an environment that will stimulate job growth.
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Congress on Friday approved a two-month extension of the payroll tax cut, averting a tax hike with a no-drama vote following a week of partisan deadlock.
Read more: Click here
President Obama, House Democrats and majorities of both parties in the Senate want to immediately renew the tax cut and jobless benefits for the next two months, and find a way later to extend them through 2012. House Republicans want to do it for a full year right away.
That doesn’t sound like an unbridgeable gap. Yet the fight has evolved into a year-end partisan grudge match with no clear resolution in sight and with huge political and economic stakes.
Without action, the payroll tax paid by 160 million workers will rise by 2 percentage points to 6.2 percent on Jan. 1. That would mean $1,000 a year less in the pockets of people making $50,000, or about $19 weekly. In addition, 3 million people currently receiving long-term jobless benefits will begin to lose weekly payments that average under $300 — for many, their only support.-WASHINGTON-AP
To read more click here
Payroll Tax Spat
On December 15, the Revenue Estimating Conference (REC) met to revise the revenue estimate for FY 2012 and set the official estimate for the FY 2013 budget. Under current law, the Governor and Legislature must use the December REC estimate when adopting a budget for the following fiscal year.
In October, the REC lowered the estimate to $5.974, or 1.3 percent compared to FY 2011. This was $17.5 million less than the adjusted March estimate. It also established the first estimate for FY 2013, $6.209 billion in net revenue, or 3.9 percent above FY 2012.
At the December meeting, the REC increased the FY 2012 estimate to $6.000 billion, or 1.7 percent compared to FY 2011. This is an increase of $25 million compared to the October estimate. For FY 2013, the REC set the estimate at $6.251 billion, or 4.2 percent compared to FY 2012.
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On Monday, October 3, the Legislative Services Agency (LSA) released the final revenue figures for FY 2011 and the first quarter figures for FY 2012. While FY 2011 came in above the estimate set by the Revenue Estimating Conference (REC), FY 2012 is below the current REC estimate.
Read on for details…
Budget | JillJ | February 2, 2012 | 
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