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Iowa state budget (2008-2009)
| Note: This article was last updated in 2009. Click here for more recent information on state budgets and finances. |
Iowa faced a $134 million deficit in 2009 that the Center on Budget and Policy Priorities projected would rise to $779 million for fiscal year 2010.[1] "While we’re cutting day-to-day expenditures of state government, we will invest in creating jobs, supporting businesses, and strengthening our economy. And we’re in a position to do it without raising taxes,” said Gov. Chet Culver. Approximately $6.2 billion was budgeted for fiscal year 2010.[2]
Some legislators suggested increasing Culver's recommended 6.5 percent in budget cuts to 8.5 percent. "These are difficult times for family budgets and the state budget is no different," said Rep. Jo Oldson.[3]
Budget background
- See also: Iowa state budget and finances
In Iowa, state agencies prepare and submit requests by October 1 for the following fiscal year. On December 15 the Revenue Estimating Conference, comprised of the governor, the director of legislative services agency, and a third member agreed to by the other two, meet to estimate the revenue for the upcoming fiscal year. The governor then reviews the budget requests by state agencies, conducts public hearings and submits recommendations to the legislature in January. From January through February the legislature hosts a variety of joint meetings. Once the budget bill is approved the bill is submitted to the governor, who has line-item veto authority in appropriations bills.[4]
Iowa's fiscal year begins July 1 and ends June 30.
Budget figures
The following table provides a history of Iowa's expenditures and gross domestic product (GDP).
| Fiscal year | Expenditures (billions) | GDP (billions) |
|---|---|---|
| 2000 | $17.2[5] | $90.2[5] |
| 2001 | $18.2[5] | $91.9[5] |
| 2002 | $19.3[5] | $97.4[5] |
| 2003 | $19.9[5] | $102.2[5] |
| 2004 | $20.6[5] | $111.9[5] |
| 2005 | $21.4[5] | $115.6[5] |
| 2006 | $23.0[5] | $121.9[5] |
| 2007 | $24.7[5] | $129.0[5] |
| 2008 | $26.4[5] | $136.5[5] |
| 2009 | $28.4*[5] | $144.4*[5] |
- NOTE: The figures for FY 2009 had not been finalized at the time this data was compiled.
Legislation
In February 2009 Culver signed a bill that allowed school budgets to expand by 2 percent during the 2010-2011 school year. Additionally, the bill increased state funding for elementary and secondary schools by $60 million.[6].
See also
- Iowa government sector lobbying
- Iowa state budget and finances
Footnotes
- ↑ Center on Budget and Policy Priorities, "State budget troubles worsen," February 10, 2009
- ↑ The State of Iowa, "Governor Culver releases FY2010 budget," January 28, 2009
- ↑ Associated Press, "Iowa leaders cut $133 million from budget," February 26,2009 (dead link)
- ↑ State of Iowa, "Iowa state budget process," January 1,2006
- ↑ 5.00 5.01 5.02 5.03 5.04 5.05 5.06 5.07 5.08 5.09 5.10 5.11 5.12 5.13 5.14 5.15 5.16 5.17 5.18 5.19 US Government Spending, "Iowa State and Local spending," accessed February 27,2009
- ↑ 'Associated Press', "Culver signs bill raising Iowa school funding million for educational efforts in the state," February 27, 2009
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