NEWS
Legislative Leaders Release Budget Targets, All Spend Less Than 99% Allowed
House and Senate leaders released their budget targets for the fiscal year that begins on July 1, 2024 (called "Fiscal Year 2025" or "FY25"). This is big news because it also signals legislators are getting ready to finish session. It is important to note that no one is planning to spend the full $9.8 billion allowed under Iowa's 99% spending limit. The nearly $1 billion in unspent taxpayer funds will be put into the state's taxpayer relief fund for future tax cuts.
| Total Amount Allowed to Spend (99%) | $9,791,000,000 |
|---|---|
| Current Year | $8,552,005,986 |
| Governor's Request | $8,919,085,276 |
| House Target | $8,954,839,190 |
| Senate Target | $8,887,000,000 |
The Senate has not yet divided up its overall budget target among the budget subcommittees. The House did split up its funds:
| Current Year | House | Senate | |
|---|---|---|---|
| Administration & Regulation | $70,538,208 | $76,087,832 | TBD |
| Agriculture & Natural Resources | $43,544,227 | $47,023,745 | TBD |
| Economic Development | $41,799,538 | $42,183,530 | TBD |
| Education | $982,906,607 | $1,012,560,113 | TBD |
| Health & Human Services | $2,124,973,594 | $2,217,406,419 | TBD |
| Justice Systems & Judicial Branch | $881,712,725 | $920,762,616 | TBD |
| Transportation | $0 (all federal $) | $0 (all federal $) | $0 (all federal $) |
| Standings & School Aid Formula | $4,406,531,087 | $4,638,814,935 | TBD |
Stay tuned for more information - we'll update these charts as budget details emerge.
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