Iowa Revenue Estimating Conference
Iowa’s general fund revenue estimates are created by the Iowa Revenue Estimating Conference (REC) based on the requirements established in Iowa Code 8.22A
The three-member conference is comprised of:
- The governor or the governor’s designee
- The director of the Legislative Services Agency or the director’s designee
- A third person agreed upon by the other two members
Each general fund revenue estimate is composed of the following projections:
- Cash tax receipts for July 1 through June 30,
- Other receipts to the General Fund for July 1 through June 30
- Lottery transfers and other transfers to the General Fund for July 1 through June 30
- Accruals of tax receipts, other receipts, and transfer revenues associated with the fiscal year hold open period after June 30
- Refunds paid from fiscal year receipts
- School Infrastructure Transfers from fiscal year receipts.
The conference meets in October, on or before December 15, and in March. The December revenue estimate is used by both the Governor and the legislature to develop the state budget.
If the March estimate is larger than the December estimate, the governor and general assembly will continue to use the December estimate. If the March estimate is lower than December, the governor has 14 days from the time of the March meeting to submit legislature revised budget recommendations based on the lower revenue estimate.
Iowa REC Projections
Iowa REC Projections – Iowa Department of Management