Last Friday the Revenue Estimating Conference met and concluded that there is an increase in revenue coming in to the state. Budget bills continue to move through the House as we work to craft a responsible budget on behalf of Iowans.
For Fiscal Year 2012, the estimate was increased by $50.9 million for a total of $6.051 billion. Current spending for FY 2012 is just under $6 billion. Of the increase, $14 million will be deposited into the Taxpayers Trust Fund (which reaches its cap of $60 million) and the remainder flows into the ending balance. For FY 2013, the estimate was increased by $29 million, for a total of $6.281 billion.
This proves that House Republicans have taken the correct approach in crafting an efficient and effective state budget. The House Republican budget, that does not spend more than the state takes in, gives Iowans the certainty to weather any economic storm.
Our Budget Returns to Commonsense Budgeting Principles
We 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 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
As economic uncertainty continues throughout the country, it is imperative that we take a conservative approach to the budget to give stability for Iowa’s job creators. Controlling government spending by spending less than the government takes in demonstrates a commitment to commonsense budgeting and economic health that employers deserve.
As session moves along, we continue to work through the budget process.
Additionally, I continue to be hopeful that something can be done on property taxes. If you remember, the House has passed three bills over to the Senate for their consideration. If we do nothing on property taxes, the hardworking taxpayers of Iowa are starring down the barrel of a $2.3 billion property tax increase over the next 10 years, with the majority of that falling to homeowners. We will continue to work to move this legislation forward.
I will be a guest on Iowa Press this week. You can watch it online here or you can tune in to IPTV on Friday at 7:30pm or Sunday at 12:00p.
As always, if you have any questions or concerns, please contact me at (515) 282-3521 or firstname.lastname@example.org