REC Projects Smaller Budget for FY21
June 4, 2020
The Revenue Estimating Conference, a three-person panel that provides revenue projections for the governor and Legislature, met last Friday and predicted the budget will need to be lowered by approximately $65 million for the coming fiscal year. The REC estimated the state will take in $7.877 billion for FY21, which begins July 1. That number is about $360 million less than the REC projected in mid-March, which is largely attributable to the effects of the coronavirus on the economy. The governor is also looking at how the state will use the CARES Act funding being received from the federal government. Read more from the Des Moines Register.