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Revenue Estimating Conference cuts Iowa FY2025 general fund estimate; raises FY2026 outlook
Summary
The Revenue Estimating Conference on Dec. 12, 2024 adjusted Iowa's general fund revenue outlook, lowering the FY2025 net-revenue estimate by $85 million and raising the FY2026 estimate by $67 million, Eric Richardson, senior fiscal analyst for the nonpartisan Iowa Legislative Services Agency, said in a December video memo.
The Revenue Estimating Conference on Dec. 12, 2024 adjusted Iowa's general fund revenue outlook, lowering the FY2025 net-revenue estimate by $85 million and raising the FY2026 estimate by $67 million, Eric Richardson, senior fiscal analyst for the nonpartisan Iowa Legislative Services Agency, said in a December video memo.
Richardson said the adjustments follow data through Jan. 3, 2025 showing year-to-date net receipts down $200 million, or 4.8 percent, compared with the same point in FY2024. "The Revenue Estimating Conference or REC met on December 12th and reviewed existing revenue estimates for fiscal years 2025 and 2026," Richardson said in the memo.
Why it matters: The revised estimates lower the FY2025 outlook to a projected net decline of 6.2 percent (a $602 million drop…
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