Iowa Gov. Chet Culver last week said revised figures from the Department of Management show the state closed out fiscal 2010 with an estimated $275 million ending balance due to cost-saving measures and the improving economy.
The state previously had expected to close out the year that ended June 30 with a $175 million balance.
“I’m pleased that sound fiscal management, coupled with an improving economy, are driving these higher revenue figures,” Culver said. “I understand challenges remain and I am committed to Iowa’s continued economic recovery.”
The number differs from one provided by the Legislative Services Agency, which recently projected an ending balance of $365 million.
“The Department of Management’s ending balance projection today is more conservative than LSA’s predictions,” the governor said. “I believe a conservative approach is more responsible, given the normal fluctuations in state revenue.”
