Iowa 2018 budget surplus a higher than expected $127 million
DES MOINES, Iowa (AP) — Iowa budget officials say the state budget will end its fiscal year for 2018 with a general fund surplus of about $127 million. That’s nearly $96 million more than state officials had estimated in March.
The state’s 2018 budget year ended June 30.
Iowa Department of Management Director Dave Roederer says Tuesday the boost came primarily from higher corporate income tax receipts, which he says was likely due to federal tax reform that created more business activity than the revenue estimators anticipated in March. Personal income tax and sales tax receipts also were slightly higher than earlier anticipated.
The three-member Revenue Estimating Conference board met in March and estimated an ending balance of about $31 million.
Gov. Kim Reynolds says it’s a sign that the economy is growing.