Iowa REC gives updated revenue estimate

The Revenue Estimating Conference (REC) met last month to give a better outlook of the state’s budget.

For Fiscal Year 2023, the REC panel increased expected revenue for the current fiscal year from its October forecast of $9.5341 billion to $9.6152 billion. This is an increase of $81.1 million over October’s number. When compared to FY 2022’s final revenue number, state revenue would be down 1.9 percent in FY 23. The decline in annual revenue is due to the implementation of this year’s tax reform bill, which will return $575 million to Iowa taxpayers over the final six months of the fiscal ye...