House Republicans have proposed a FY 2014 budget that is balanced and sustainable. The budget meets the four principles established by House Republicans:
- We will spend less than the state collects;
- We will not use one-time money to fund on-going needs;
- We will not balance the budget by intentionally underfunding programs; and
- We will return unused tax dollars to Iowa’s taxpayers.
The budget protects priority services in the areas of education, health and human services and public safety.
FY 2014 Available Revenue – $7.1822 billion
FY 2014 On-going Revenue – $6.5377 billion
FY 2014 House Republican Budget proposal – $6.4139 billion
- The House Republican budget proposal provides a modest increase in state General Fund spending of 3 percent over last year’s level.
- This budget spends 98 percent of on-going revenue.
- The House Republican budget spends 89.55 percent of available revenue (Expenditure Limitation) for FY 2014.
The House Republican budget proposal continues the practice implemented two years ago of aligning spending with revenue.
Annual revenue growth has averaged 3.34 percent over the past twenty years.
The House Republican budget proposal leaves an ending balance of $840.7 million at the end of Fiscal Year 2014.
While revenue growth is currently ahead of projections, there is a great deal of uncertainty about future revenue due to the on-going drought conditions, slow economic growth, and the federal budget situation.