Revenue Estimating Conference

From March 12: Members of the state Revenue Estimating Conference — David Underwood, David Roederer and Holly Lyons — met Thursday to revisit Iowa's economic outlook and revise tax-collection projections for state budgeting through June 2022. Content Exchange

Before Iowa legislators go back into session June 3, a panel that advises lawmakers on the state’s financial health will meet to consider the impact of the coronavirus.

The Revenue Estimating Conference will have a virtual meeting at 1 p.m. May 29. It will be livestreamed on the Legislative Services Agency’s YouTube channel.

More information and a link will be posted early next week, Holly Lyons, of the agency’s fiscal services division, announced Wednesday.

The three members of the Revenue Estimating Conference are Lyons; David Roederer, director of the Iowa Department of Management; and David Underwood, a retired chief financial officer from Mason City.

Gov. Kim Reynolds and legislative leaders encouraged the REC to meet before lawmakers resume their session. Although Iowa is carrying a surplus and the state reserve accounts are filled, lawmakers want an update on the financial picture in light of the coronavirus-related changes since mid-March.

When the REC met in March, it predicted state tax collections would grow by $76.1 million above the current expectation to nearly $8.091 billion for the current year.

The panel lowered the fiscal 2021 outlook to 1.8 percent growth — nearly $8.237 billion, which was $12.3 million less than its December 2019 estimate.

The REC is responsible for providing periodic estimates of general fund revenues available for the budgeting process.

Its estimate is based on several factors, including cash tax receipts. As of May 19, total receipts were down 2.47 percent from the previous year.

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