Iowa expects to close out fiscal 2011 with an ending balance and reserves of $914 million, according to a memorandum budget director Richard Oshlo sent to Gov. Chet Culver that was released last week.
The state previously estimated combined reserves of $616.6 million. It now expects its ending balance will be $480 million, up from an earlier projection of $183 million, and its rainy-day fund holds $434 million. Iowa held its revenue estimating committee last month. The state’s fiscal year ends in June.