DES MOINES, Iowa - The committee that compiles numbers for Governor Kim Reynolds and the Iowa legislature to craft the state's budget is projecting slow growth.
The panel - Revenue Estimating Conference - has concluded that tax collections in the current year will barely register any growth (0.5 percent) after economic setbacks from the COVID-19 pandemic.
It's projecting collections will grow by less than 4 percent (3.7 percent) in the next year.
The state's Legislative Services Agency issued a report last week tracking revenues from the time Governor Reynolds closed non-essential businesses because of COVID-19.
Among other things, the governor's emergency proclamation closed restaurants, bars, fitness centers, theaters, and casinos and prohibited public gatherings of more than 10 unrelated people.
During the time period measured by the Agency - March 19 through
December 8 - State tax revenue declined $223.3 million and 3.3% year-over-year. The report said tax revenue would grow by 4 percent during the same period in a normal year.
Lawmakers will start working on next year's fiscal budget next month when the legislature returns to the capitol.