This afternoon, Iowa House Republicans released budget targets for the 2020 fiscal year. The House budget plan for FY2020 spends $7.668 billion, accounting for 97.45% of on-going revenue. This is $9.5 million higher than Governor Kim Reynolds’ FY2020 budget proposal of $7.658 billion.
The House budget plan increases spending by .63% compared to the adjusted FY2019 budget. Additionally, the budget fills all reserve accounts to the statutory requirements and leaves a healthy ending balance of $298.6 million.
“This is a conservative, responsible budget plan that funds our priorities, limits spending, and puts taxpayers first,” State Representative Pat Grassley (R-New Hartford) said. “We have listened to Iowans and this approach allows us to invest in key priorities that they support like education, career training, health care, and public safety.”
Individual budget subcommittee targets are as follows:
Individual budget subcommittee chairs have already begun the development of the FY 2020 budget and over the next several weeks will recommend funding levels for each of the individual line items contained within each budget target.