DES MOINES, Iowa – The state budget surplus surged to end the 2017 fiscal year four times larger than expected.
The Iowa Department of Management says it was protected that state government would finish the fiscal year with a surplus of $31.7 million. After accounting for revenue accruals and taking into account adjustments to tax refunds and appropriations, the Department says that ending balance is actually $127.3 million.
“We are striving to be fiscally responsible with your tax dollars, and I am proud to announce Iowa will end the fiscal year with a $127 million surplus,” says Governor Kim Reynolds. “Our economy is growing, incomes are rising and our state’s budget is a reflection of that. But I’m never satisfied. I’m going to continue to push for policies that grow our economy, invest in education and affordable health care and maintain Iowa’s status as the #1 state in the country.”