Iowa Revenue Estimating Conference cut FY 09 Revenue estimate by $129.7 Million. The REC also cut FY 2010 projections by $269.9 Million. Governor Culver will be forced to make additional cuts this year. Furloughs and additional across the board cuts are expected.
Paul McKinley, Republican Senate Minority Leader, reacted to the REC numbers by saying, ““Even though the Revenue Estimating Conference (REC) lowered revenue projections, the revised numbers indicate that revenues are still coming in at near record levels and thus once again underscoring that Iowa does not have a revenue problem – we have a spending problem. Though these numbers indicate the economy is slowing in Iowa, we would be much better situated had Governor Culver and legislative Democrats not grown state government by an unsustainable 21 percent or by nearly a billion dollars during the last two years.”
McKinley added, “Because the governor and legislative Democrats refused to budget with restraint like any Iowa family or employer would and instead spend our state far into debt, additional cuts will need to be made. Though legislative Democrats voted down Republican budget cut suggestions a few weeks ago, Senate Republicans will again offer responsible solutions to the Democrats in order to cut the budget and keep it balanced.”
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