(Undated) -- Iowa's projected budget surplus of $1.3-billion is expected to be even higher. The state is seeing an extra 12.3 % in revenue than this time last year. Senior Legislative Analyst Jeff Robinson says the rare surplus has a lot to do with the federal stimulus. He says those funds poured back into the economy when Iowans started spending. The 2022 fiscal year is over now, but net revenue won’t be finalized until September. Legislatures passed a 3.9 % flat tax rate this last legislative session because of the surplus. They're expected to make more tax cuts next year.