Courtesy of Unsplash
Courtesy of Unsplash
The Iowa budget has closed with full cash reserves of nearly $1.24 billion in its general fund, thanks in large part to the state’s ability to plan and budget well despite a challenging and uncertain time.
The fiscal year for 2021 closed June 30 though the accrual period ends Sept. 30.
"Iowa is in a very strong financial position due to our fiscal responsibility. This surplus proves we accomplished exactly what we set out to do — overcome the financial challenges caused by the global pandemic and invest in education, workforce, healthcare, agriculture and technology. We will continue to invest in these important priorities going forward to meet the needs of our citizens and state,” Gov. Kim Reynolds said in a release from her office.
During her time in office, Reynolds has been committed to tax cuts for Iowans, and she pledged that those would continue for individual income taxes, possibly as early as next year, Des Moines Register reported.
While the surplus in the budget is a feat that many states have not been able to achieve, Democrats said that the surplus represents unfinished work that the state government should have been dedicated to, such as housing, health care and a better response to the COVID-19 pandemic.
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