Iowa’s three-member Revenue Estimating Conference revised estimates for fiscal 2008 and 2009 upward, bucking the downward trend in revenue projections seen by many of its neighbors.
The group revised its revenue estimates for the current $6.4 billion fiscal 2008 budget that runs through June 30 by nearly $80 million and by nearly another $48 million next year. The anticipated growth rate in the current fiscal year is 7.4%, with revenues then growing by 2.1% in the next fiscal year.
The last formal revenue estimate from the commission came last December. Some Republican lawmakers said the estimates may be too positive in the coming fiscal year given the economic slump. Iowa’s agricultural-based economy has benefited during the current slump from rising crop prices and low unemployment of about 3.5%.