The Revenue Estimating Conference held its final meeting at the statehouse Friday.
The REC increased the fiscal year 2012 budget by $50.9 million which is a 1 percent increase. For fiscal year 2013 a $29 million increase was suggested, which is half a percent increase.
Concerns of the committee remain surging gas prices, and the tension in the Middle East.
However they all agreed they were happy with a steady growth in jobs and an increase in business sales for the past year.
“The revenue estimates show Iowa’s economy is continuing to pick up steam and the state budget is on stable ground with over $1 billion in surplus and reserves this year. Instead of again proposing massive budget cuts that punish the middle class, I hope Republicans will work with us to help Iowans get back to work, grow our skilled workforce, and make sure every child graduates with skills they need to land a good-paying job,” said Democrat Rep. Tyler Olson.
Republican Rep. Scott Raecker said, “By law, the increase in revenue projected today will not be used to increase spending. In fact, this projected increase should be returned to the taxpayers of Iowa in the form of tax relief. House Republicans will continue to budget within our means and find ways to protect the hardworking taxpayers of Iowa.”