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Iowa Lawmakers Finally Have Their Magic Number

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DES MOINES, Iowa -- Iowa Lt. Governor Kim Reynolds confirmed the budget target number Monday that legislative leaders declined to release Friday when they announced they had reached a deal.

"It's about that," Reynolds said in response to a reporter's question of whether the agreed upon figure is $7.17 billion.

That is the number house Republicans had wanted. Both Senate Democrats and Governor Terry Branstad, a Republican, wanted approximately $7.3 billion in spending for the coming fiscal year that begins July 1. Lawmakers will add in surplus dollars to reach that $7.3 billion. They don't technically count that in their budget. Their compromised figure is approximately $300 million more than the current year's spending.

Here is the budget framework legislators have reached. 

Legislative leaders must now work through dividing that budget target across various state programs.

Monday marks one month since lawmakers' unofficial May 1 deadline to adjourn for the year. May 1 was the final day lawmakers received additional money for daily expenses. However, many members haven't had to show up for work at the statehouse while leaders and committee members worked on the budget.

Lawmakers only reached agreement on K-12 spending for the coming year, not the next two years as the governor requested. But they could still do that this week as part of their budgeting process.

Compromised budget agreement for 2015-16 fiscal year (starts July 1):

$7,168,144,634

Additional dollars from surplus:

$124,960,000

Adjournment target:

This weekend?