Economy

Reynolds: No emergency session to plug revenue shortfall

Reynolds: No emergency session to plug revenue shortfall”

Kim Reynolds said Wednesday that no special session is needed for Fiscal Year 2017 to tackle budget troubles.

In it Boulton said, "Once again, Iowans are left wondering how Kim Reynolds will balance the budget after she has over extended our state with nearly $600 million in annual giveaways to huge corporations". After a briefing with the Department of Management and Department of Revenue, Reynolds announced that a special session was not necessary.

Gov. Kim Reynolds will instead transfer an additional $13 million from state reserves. "We continue to closely monitor the current fiscal year's balance sheet and do not believe action is needed at this time".

The nonpartisan Legislative Services Agency said data does show major revenue improvements in the final months of accounting. The Governor's office said the reserve fund balance is now $605 million.

The governor's budget chief told reporters this morning that $70.6 million in past-due payments were made to the state after June 30, dramatically reducing the deficit. "A rough calculation showed the revenue shortfall to be about $100 million".

Some Democrats in the Republican-controlled Legislature still expressed skepticism at the figures.

Democratic candidate for governor, State Senator Nate Boulton, issued a statement following the announcement of Gov. Reynolds' plans. "But at this point, we're going to have to wait and see where all of that came from as we look through the numbers".

"I'm optimistic about Iowa's future", Reynolds said.

But Iowa will avoid having to call lawmakers back in special session to take further action.

The problem, according to Corbett, is that the state is spending too much. He noted regular audits ensure accuracy.

"This is a very surprising, just sudden increase in funds that were found in the couch cushions", said Boulton, who spoke with reporters in the Iowa Senate chambers after Roederer's briefing concluded. Republicans argue that Democrats agreed to numerous budget plans passed in recent years, and several of their spending proposals are unsustainable. She was scheduled Wednesday to make multiple stops in southwest Iowa as part of an economy-themed tour.



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