Budget cuts for legislature ahead?

It's looking like Iowa lawmakers will have to get out their budget-cutting knives again when they return to Des Moines in January.

The Iowa Revenue Estimating Conference Thursday revised its projection of state revenues for the end of the fiscal year that ends next July from $7.364 billion to $7.237 billion.  

The legislature's last session budgeted $7.268 billion, which at the time was below the Revenue Estimating Conference's March projection of $7.364 billion in state revenue.  

Factoring in state law which limits state spending to 99 percent of the Revenue Estimating Conference revenue projection, that means another $10 million must be cut from the state budget by the Iowa House and Senate next year on top of the cuts for 2017's fiscal year.

Economists say Iowa's farm economy has been slow to recover from the slump it's been facing in the past few months.

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