Des Moines, IA (RI) — Iowa’s State Auditor Mary Mosiman is predicting the state budget will remain positive for the next 11 months.
,Mosiman says that even though the latest budget plan spends 171-million dollars more than the state is expected to collect in taxes. She says the state’s ample surplus will cover the difference.
Mosiman has just released her analysis of the state spending plan lawmakers and the governor approved this spring for the budgeting year that began July 1st, giving lawmakers good marks for “spending discipline” and for filling up all the reserve accounts set aside for economic emergencies. But Mosiman is warning that lawmakers cannot keep dipping into the state surplus to finance education reform and fulfill the promise that the state would make payments to local governments as commercial property tax rates go down.
Mosiman says the state currently has a 746-million dollar surplus, but by June 30th of next year it will likely be reduced to around 575-million. Legislators drafted a budget plan this spring and Governor Branstad took final action on the budget bills in May and June, nixing some spending proposals. The auditor’s report concludes the final spending plan for state government operations totals seven-point-four BILLION dollars.
Mosiman, a Republican, was appointed state auditor over a year ago by Governor Terry Branstad and she’s on the November ballot, seeking a four-year term as state auditor.