DES MOINES, Iowa (AP) — A state panel has lowered Iowa’s revenue projections for the current budget year by roughly $96 million. The three-member group known as the Revenue Estimating Conference said Monday that Iowa will take in about $7.21 billion during the budget year that began in July. That’s down from a $7.31 billion projection in October.

Iowa Department of Management Director David Roederer said the state’s revenue is growing but not at the expected rate. He pointed to a range of issues but not one key reason. Roederer said the state will need to plug in the deficit when the GOP-controlled Legislature convenes in January.

Ben Hammes, Gov. Terry Branstad’s spokesman, declined to provide details on how that would be achieved. Hammes emphasized that K-12 school funding would not be cut.