Amid a warning last week that revenue collections for the first quarter of the fiscal year are down $140 million, Iowa’s revenue estimating conference meets today to issue a new revenue projection.

Gov. Chet Culver would likely cut spending to address a decrease in revenue as he has ruled out raising taxes. The $140 million figure — which represents a 9% drop — came from a report released last week by the Legislative Services Agency. The estimating conference is the state’s official forecaster of figures used to balance the budget.

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