Iowa Governor Terry Branstad says state tax collections have taken a nose dive and that’s one reason he vetoed a 140-million dollar spending package lawmakers passed in the closing hours of the 2014 legislative session.

The other reason Branstad vetoed the bill is because he wants to keep enough unspent cash in the state budget to be pay local governments to cover reduced commercial property tax rates. Those rates were reduced by action in the 2013 legislative session.

Branstad says the drop in state tax revenue during the month of May is because of a decline in Iowa’s ag sector and he blames uncertainty over how the Obama Administration may decide the Renewable Fuels Standard.