Branstad lowers projections for budget by about $173M
DES MOINES (AP) — Gov. Terry Branstad has lowered his projections for Iowa’s upcoming budget year by about $173 million amid declining state revenue.
The Republican governor released a revised budget Tuesday night that proposes spending roughly $7.2 billion in the budget year that begins in July. His staff discussed details Wednesday.
Branstad’s revised budget includes some new spending but does so in part by reducing funding to some departments, community colleges and the state’s three public universities. It also includes cutting money from a job skills training fund.
The figures also break down how the state plans to tap cash reserves to plug a $131 million shortfall in the current budget. Lawmakers addressed an earlier shortfall by cutting more than $117 million in spending.
Republicans with majorities in both chambers will soon release their budget proposal.