CEDAR RAPIDS — Before Iowa legislators go back into session in June, 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, LSA Fiscal Services Division Director Holly Lyons announced Wednesday.
Lyons, Department of Management Director David Roederer and David Underwood, a retired chief financial officer from Mason City are the members of the REC.
Gov. Kim Reynolds and legislative leaders encouraged the REC to meet before lawmakers resume their session June 3. 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 20219 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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