STATE REVENUE: Taxes See ‘Steady Growth’
Iowa’s tax revenue is on the rise.
The Iowa Revenue Estimating Conference met Thursday to discuss the 2014 budget year, which started July 1.
The three member panel estimates the state will take in about $6.7-billion this fiscal year.
The REC says that’s down just over one percent from last year. That figure, however, doesn’t take into account the $178-million revenue from tobacco and gambling taxes that are no longer included in the state’s general fund.
Taking that into account, the Iowa Legislative Services Agency says there’s a 1.5-percent improvement in state revenue compared to last year.
“We are seeing steady growth. We are not seeing exuberant growth,” director of the Iowa Department of Management, David Roederer, told the Des Moines Register.
The committee will meet again in December to assess the state’s financial situation.