Iowa reported earlier this month that in July it saw a 1.2% increase in revenue over last year and the growth is stronger than its economic forecasters predicted.
The state’s formal Revenue Estimating Conference, whose projections are used to craft the state’s budget, predicted an annual growth rate in revenue of negative 0.1%. The state collected $412.1 million in July, the first month of the new fiscal year, up $4.7 million over July of 2008.
“While our state and nation continue to face the challenge of a recession, these figures suggest we may be seeing the early signs of improvement in the economy,” Gov. Chet Culver said in a statement. “These latest figures, however, do not mean we can let down in our efforts to maintain Iowa’s balanced budget and help Iowans work our way out of this recession.”