The state panel that estimates how much tax revenue the state will collect has elevated the predictions it made this spring. Kraig Paulsen, the governor’s budget director, is chairman of the Revenue Estimating Conference. He says there was a six percent increase in state tax receipts in July, August and September compared to the same months a year ago.
The revenue estimators predict state tax receipts will grow by two-point-eight percent during the state’s current fiscal year, which ends on June 30th. That’s about 60 MILLION dollars above the group’s estimate in March. Jeff Plagge (PLAG-ee) — the former Iowa Banking Superintendent — says despite weather challenges and elevated diesel prices, yield reports for the fall harvest have generally been encouraging.
Jennifer Acton is head of the fiscal division of the Legislative Services Agency.
Acton and the other two members of the Revenue Estimating Conference predict the state will collect just over eight-point-eight BILLION dollars in taxes during the next budgeting year that starts July 1st. The next governor and the legislature will start drawing up the plans for that budget in January.
