Revenue Estimating Conference adopts Legislative Services Agency estimates, approves related transfers

On Dec. 12, 2024, the Revenue Estimating Conference voted to adopt the Legislative Services Agency's (LSA) general fund revenue estimate and to approve related accruals, refunds and transfers, including transferring gambling revenues and interest on reserve funds to the Rebuild Iowa Infrastructure Fund.

The actions formalize the revenue outlook that will be used to set the state's statutory expenditure limitation and guide budgeting for fiscal years 2025 and 2026. Conference staff and executive-branch representatives said the state's fiscal position remains strong despite recently enacted tax reductions.

Jennifer Hrechtin, director of the fiscal services division, opened the substantive presentation. "The U. S. economy remains strong overall. Inflation continues to moderate, and the Federal Reserve began reducing interest rates in September 2024, with ongoing cuts possible through 2025," Hrechtin said. She summarized national indicators cited in the conference: headline consumer price…