DES MOINES, Iowa (AP) — State budget experts say revenue for next year will be about $20 million less than they had anticipated in December but it’s not enough of a difference to cause lawmakers to adjust their budget plans.
The state Revenue Estimating Conference, a panel of three budget experts, said Friday they expect revenue to be $7.84 billion, up 1.5 percent from the current year but about $20 million lower than December estimate.
A lower estimate in March usually means the Legislature must adjust its budget plan to consider the difference but lawmakers are discussing a budget of around $7.6 billion so it requires no adjustment.
The panel expects current year revenue of $7.73 billion, an increase of 4.7 percent from the previous year. That’s about $5 million more than the group’s December estimate.
The last two years state officials have had to cut budgets after actual revenue came in less than the estimates.
The group also made its first estimate for fiscal year 2021 expecting revenue to grow 2.6 percent to $8.05 billion.