state of iowa general fund condition larry sigel, partner
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State of Iowa General Fund Condition Larry Sigel, Partner. Context. Requests for many items have been denied citing “There’s no money.” So, the state must be in pretty bad financial condition? Data from the nonpartisan Legislative Services Agency Let’s look at the numbers…. - PowerPoint PPT PresentationTRANSCRIPT
State of Iowa General Fund ConditionLarry Sigel, Partner
Context•Requests for many items have been
denied citing “There’s no money.”•So, the state must be in pretty bad
financial condition?•Data from the nonpartisan Legislative
Services Agency•Let’s look at the numbers…
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Iowa Law: Legislature may legally appropriate 99% of revenues . . .
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State of Iowa General Fund4
Include Cash Reserve Fund5
Include EEF6
Include Oct. 2012 REC Revision7
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What if Revenues Continue Growth Rate for FY 2013?
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What will you hear next?1. Ending balance is one-time money we can’t
count onExcept if there’s a surplus every year, as has been the case for the last three, then it seems to be somewhat stable.
2. We need to have funds for contingenciesOK, but when will you use them if you must always spend no more than you take in for every year?
3. We’ve overtaxed, so return it to the taxpayer (See #1 – if ending GF balance pays for ongoing property tax relief, we’ll be right back in a deficit situation in no time)
4. Invest it wisely in things that benefit the economy in the long term – i.e., education.
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The best ways to contact us:Text us – Be sure to include your name in the
message ▫ Larry’s cell 515-490-9951▫ Margaret’s cell 515-201-3755
Email us ▫ [email protected] ▫ [email protected]▫ [email protected] ▫ [email protected]▫ [email protected]
Call the office – Traci will grab the call if we’re not in at the moment▫ 515-251-5970 Option 1 for Margaret, Option 2 for
Sean, Option 3 for Larry, Option 4 for TraciWhen we’re on the road and out of the office,
texting is the best way to get in touch with us.