Governor Kim Reynolds released the following statement today in response to the March REC projections through Fiscal Year 2027:
“We cut taxes to let Iowans keep more of their hard-earned money and that’s exactly what today’s REC numbers reflect,” Gov. Reynolds said. “With $2.05 billion in the ending balance, $961.2 million in reserve funds, and $3.75 billion in the Taxpayer Relief Fund, Iowa remains on a strong, fiscally sustainable path. In partnership with the legislature, we will continue our responsible budgeting practices and spending discipline. This is what responsible, growth-oriented fiscal stewardship looks like.”
“Unlike so many states, Iowa is in a great financial position," Iowa Department of Management Director Kraig Paulsen said. "And because of our strong fiscal health, Iowa has the flexibility to address the priorities of Iowans.”
Fiscal Year 2025 closes on June 30, but the accrual period officially ends on September 30. During those three months, Iowa closes the books and pays and receives any outstanding obligations.