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Iowa General Fund Net Receipts Fall $614 Million Through April 2; REC Lowers Fiscal Estimates
Summary
Eric Richardson of the nonpartisan Iowa Legislative Services Agency reported that net general fund receipts declined $614 million (9.5%) through April 2, 2025, and the Revenue Estimating Conference on March 13 reduced its current- and next-year revenue forecasts.
Eric Richardson, senior fiscal analyst with the nonpartisan Iowa Legislative Services Agency, said in a March 2025 video memo that Iowa General Fund net receipts decreased $614,000,000, or 9.5 percent, on a fiscal-year-to-date basis through April 2, 2025.
Richardson said gross revenues through April 2 declined 6.2 percent year to date, but net growth was weaker because refunds rose. "Through April 2 and on a fiscal year basis, net receipts decreased $614,000,000 and 9.5%," Richardson said.
Why it matters: the lower receipts and the Revenue Estimating Conference's (REC) March 13 revision change the state's near-term revenue outlook and inform budget decisions for the remainder of FY 2025 and planning for FY 2026.
Breakdown and drivers: Richardson reported small year-to-date increases in some taxes and steep drops in…
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