Iowa Department of Management

The conference updated estimates for Fiscal Year 2018 and reviewed estimates for Fiscal Year 2019, also making first estimates for Fiscal Year 2020. Discussions included the impact of federal tax law changes on Iowa revenues, the state of the Iowa economy (including agriculture, employment, and potential trade war effects), and the implications of various economic indicators. The conference reviewed and approved estimates for General Fund receipts, accruals, refunds, and transfers for FY2018, FY2019, and FY2020. Gambling revenues and interest earned on reserve funds were also reviewed.

The conference reviewed Iowa's economic conditions, noting slow growth and weakness in some areas. Discussions included analysis of sales tax revenue, income tax payments, and national and state economic indicators. Estimates for fiscal years 2017, 2018, and 2019 were revised, reflecting slower-than-anticipated growth. The impact of federal policy changes, agricultural conditions, and online purchasing on state revenue were also considered. The conference approved the Governor's appointee's recommendations for the revised estimates for all three fiscal years.

The conference updated revenue estimates for fiscal years 2016, 2017, and 2018. Discussions included analysis of Iowa's economic conditions, considering factors such as slow growth, low commodity prices, the strong U.S. dollar, and the impact on agricultural and manufacturing sectors. The panel reviewed and approved estimates for general fund revenues, accruals, refunds, and transfers, making adjustments based on the latest data and legislative changes. Gambling revenue transfers and interest earned on reserve funds were also addressed.

The conference reviewed and revised revenue estimates for fiscal years 2015 and 2016, incorporating the impact of Senate File 126, which lowered revenue in FY15. Discussions included economic growth in the U.S. and Iowa, employment trends (particularly in manufacturing and agriculture), and the impact of lower gas prices and a strong dollar. The panel also considered the impact of the farm economy, including lower farm income and corn prices, and the strength of the pork industry. The conference adjusted the estimates for refunds in both fiscal years and approved the presented numbers for gambling revenues. Finally, the panel noted a new page on LSA's website detailing economic trends.

The conference reviewed and approved fiscal year 2010 and 2011 general fund estimates, including lottery, transfers, accruals, refunds, and gambling revenues. Discussions included analyses of the Governor's appointee estimates, LSA estimates, and employer surveys. Concerns were raised regarding unemployment, job growth, and consumer spending. Adjustments were made to sales tax estimates for fiscal year 2011. Finally, the meeting addressed the Governor's task force on State Tax Credit Programs and the need for greater transparency in reporting tax credits.