Fiscally responsible state budget moving ahead, meeting Iowa’s needs

Leaders of the Iowa House and Senate released more details this week of a joint budget plan that includes $25 million in commercial property tax relief.

We firmly intend to keep improving Iowa’s financial standing. That’s why our plan ensures that the state budget will be balanced, comply with Iowa’s expenditure-limitation law, and fully fund the state’s Cash Reserve Fund.

Legislation is also moving forward to provide increases for our schools at all levels, from pre-school to higher education. In addition, we are working on key initiatives to expand access to affordable health care.

A large group of legislators continues to meet and make progress on a major initiative on renewable energy. This effort – commonly referred to as Iowa’s Power Fund – will enhance our efforts to create good-paying jobs and make Iowa more energy independent.

I am especially proud that this budget gets serious about repaying funds borrowed in previous years. For example, we will repay half of the $300 million recent Legislatures have borrowed from the Senior Living Trust Fund. At the same time, Iowa’s rainy day funds will grow to $578 million, the largest amount ever in the state savings account.

With your encouragement and ideas, I’m working to refocus state government to better meet the needs of our communities and put the state in a significantly better financial position than it has been years.