A three-member panel of financial experts is lowering its estimate of state tax collections in Iowa. The Revenue Estimating Conference is still predicting overall state tax revenue will be up three-point-four percent for the year, but the group shaved 121 million dollars off the total compared to its March prediction. Iowa Department of Management director Dave Roederer says he and the other two panel members are concerned about what’s happening in the farm economy…
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Roederer says when farmers have a down year, that tends to have a ripple effect throughout the Iowa economy. Roederer, though, points to Iowa’s low unemployment rate as a positive sign….
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The state is just three months into the budgeting year and Roederer says there’s no cause for alarm since the group is still predicting Iowans will pay 235 MILLION dollars MORE in taxes this year than last.
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