REVENUE ESTIMATING CONFERENCE
The Revenue Estimating Conference (REC) held their quarterly meeting on October 16th and increased their revenue estimate for this fiscal year, FY 2007. The REC increased estimated growth in net state revenues from a negative 0.4% to a positive 2.9%. This means the state is estimated to experience an increase in revenues of $157.5 million over the last fiscal year, which ended June 30th.The REC estimates that the state will collect $5.540 billion in net general fund receipts, which is $179.3 million more than its March estimate. Approximately $157 million of the increase is due to stronger income tax collections -$85 million more in corporate income tax receipts and $72 million more in personal income tax receipts. The REC members attributed this to Iowa's growing economy, which is keeping unemployment levels low and improving wages. The remaining increase was due to a combination of higher estimates for sales and use tax receipts and a lower estimate for tax refunds.
FROM:
Representative Roger Thomas
Elkader, IA 52043
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