Iowa borrows $13 million more to make budget balance

Iowa borrows $13 million more to make budget balance

Iowa borrows $13 million more to make budget balance

Then, they also dipped into reserves for another $131 million they promised to pay back in two years.

Some feared the administration would have to borrow eve more since revenue projections had been off so much, but the budget chief says the numbers are all in order.

That was below projected growth, but stronger than expected wage withholdings, corporate tax collections and state sales taxes collected on online purchases helped narrow the gap to a $14.6 million shortfall under accounting practices the state has used for the past 30 years, he said. "We continue to closely monitor the current fiscal year's balance sheet and do not believe action is needed at this time".

The fiscal 2017 state budget, which began in 2016, ended on June 30 but it takes weeks to reconcile accounts. State officials say final adjustments on a range of incoming revenue shrunk the expected shortfall.

Marine Corps welcomes its first female infantry officer
Two women became the first to graduate from Army Ranger training camp earlier this year but have not yet been assigned to a regiment.

The Iowa Department of Revenue and Management released a report on the state's financial situation Wednesday morning.

The $13 million that Reynolds will end up transferring from emergency reserves will need to be paid back during the budget year that's now in effect, which could translate into additional funding cuts down the road.

A special session would have been necessary if Reynolds would of needed to transfer more than $50 million out of the economic emergency fund. "Taxpayers deserve to know whether Gov. Reynolds and Republicans cooked the state's books to close the fiscal year and avoid a special session".

"It looked like a lot of smoke and mirrors as they're trying to cover themselves from too much spending", he said. He suggested Reynolds call a special session anyway to address budgeting concerns. Reynolds said recent reforms "rebalanced the scale to ensure employees are compensated fairly for being injured on the job while ensuring abuses are curtailed". Then-Gov Terry Branstad blamed lagging farm income, but Democrats blamed Republican mismanagement.

US Again Threatens Force to Halt North Korea Weapons Program
North Korea has launched a trio of missiles in recent weeks and tested a bomb that was its most powerful to date. Trump, in a tweet, asserted that long lines for gas were forming in North Korea, and he said that was "too bad".

The state is now providing businesses more than half a billion of tax breaks that Boulton says should be examined.

The money Reynolds is borrowing to cover the shortfall will be paid back out of next year's budget.

And when they are closed, the budget is required to balance.

Riverdale production continues after KJ Apa vehicle crash
K.J Apa, star of the CW hit show Riverdale , was in a late-night vehicle crash last week after a 16-hour production day on set. A call between the Riverdale cast's representatives and Warner Bros. executives will happen on Friday to discuss the issue.

Related news