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.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.