• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Friday, May 9, 2025
The Iowa Torch
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
No Result
View All Result
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
The Iowa Torch
The Iowa Torch
No Result
View All Result
Home State Government

Reynolds announces a state budget surplus of $1.83 Billion

Gov. Kim Reynolds announced the State of Iowa will end Fiscal Year 2023 with a balance of $1.83 billion in the General Fund.

Iowa TorchbyIowa Torch
September 28, 2023
in State Government
Reading Time: 2 mins read

DES MOINES, Iowa – On Wednesday, Gov. Kim Reynolds announced the State of Iowa will end Fiscal Year 2023 with a balance of $1.83 billion in the General Fund, $902 million in reserve funds and $2.74 billion in the Taxpayer Relief Fund. 

RELATED POSTS

Reynolds signs bill enacting flat tax in 2025

Reynolds joins bipartisan opposition to Biden Administration’s Space Force proposal

Iowa lawmakers enact flat tax for 2025

“Some see a surplus as government not spending enough, but I view it as an over collection from the hard-working men and women of Iowa,” Reynolds said. “We’ve seen what the powerful combination of growth-oriented policies and fiscal restraint can create, and now it’s time for Iowans to directly receive the benefits. I look forward to cutting taxes again next legislative session and returning this surplus back to where it belongs – the people of Iowa.” 

Kraig Paulsen, Director of the Iowa Department of Management, credited the governor’s budget management.

“As a result of the Governor’s great budget management, we are in an extremely strong financial position, making it possible to meet the needs of Iowans while leaving more money in the pockets of Iowa taxpayers,” he said.

Last week, Reynolds announced that Iowa’s corporate tax rate will drop to 7.1 percent from 8.4 percent for Tax Year 2024 due to corporate tax receipts exceeding $700 million, the second year in a row it has dropped and is three years ahead of schedule.

In response to Wednesday’s announcement, Iowa Senate Majority Leader Jack Whitver, R-Grimes, called for more tax cuts.

“Iowa is in the strongest financial position in state history. Iowans deserve to keep more of the money they earn and today’s news shows it is time for bigger and bolder income tax cuts. As long as I am Majority Leader, the Senate will continue to reduce taxes on Iowans and in the 2024 Legislative Session we will again work with Governor Reynolds and the House to achieve that goal.”

ADVERTISEMENT

State Senator Janet Petersen, D-Des Moines, the ranking member on the Iowa Senate Appropriations Committee, said Reynolds’ “tax schemes are not working for everyday Iowans.”

“Gov. Reynolds talks a big game about relief for Iowa families, but she’s always put rich corporations and special interests first – and she always will,” she said in a released statement. “While Gov. Reynolds is again slashing corporate taxes and promising more giveaways to come, middle-class families still aren’t getting ahead.”

Tags: Iowa state budgetJack WhitverJanet PetersenKim Reynolds
ShareTweetShare
ADVERTISEMENT
Previous Post

Pate, county auditors urge Iowans to seek trusted sources for election information

Next Post

Hendrickson: Reynolds wants more tax cuts

Iowa Torch

Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans.

Related Posts

State Government

Reynolds signs bill enacting flat tax in 2025

May 2, 2024
Reynolds joins bipartisan opposition to Biden Administration’s Space Force proposal
State Government

Reynolds joins bipartisan opposition to Biden Administration’s Space Force proposal

May 1, 2024
State Government

Iowa lawmakers enact flat tax for 2025

April 25, 2024
Opinion

Hendrickson: Iowa taxpayers win big in 2024

April 25, 2024
Hinson: Use biofuels to bring down the cost of gas today
Federal Government

EPA issues emergency fuel waiver for E15 sales

April 19, 2024
Reynolds Announces State Troopers Completed Deployment at Southern Border
State Government

Reynolds signs illegal immigration bill

April 12, 2024
Next Post
Reynolds signs bill phasing in 3.9 percent flat tax

Hendrickson: Reynolds wants more tax cuts

Feenstra: 33 Trillion reasons to restore fiscal responsibility in Congress

Recommended Articles

Iowa House sends changed AEA reform bill back to Iowa Senate

March 25, 2024
State of Iowa to end mandatory COVID-19 reporting on April 1

State of Iowa to end mandatory COVID-19 reporting on April 1

February 27, 2023

Iowa House passes bill changing Area Education Agency funding

March 1, 2024

Popular Stories

  • Three LGTBQ Books with Sexually Explicit Material Pulled from Waukee School

    Three LGTBQ Books with Sexually Explicit Material Pulled from Waukee School

    0 shares
    Share 0 Tweet 0
  • Rozenboom: Reflecting on the First Week of the 2021 Legislative Session

    0 shares
    Share 0 Tweet 0
  • Iowa Dept. of Health & Human Services fill two leadership roles

    0 shares
    Share 0 Tweet 0
  • Reynolds Appoints Joshua Schier as District Court Judge

    0 shares
    Share 0 Tweet 0
  • Fauci ends taxpayer-funded experiments on dogs

    0 shares
    Share 0 Tweet 0
The Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans

Categories

  • Current Events
  • Education
  • Federal Government
  • Iowa History
  • Local Government
  • News
  • Opinion
  • Politics
  • State Government

Newsletter

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.

No Result
View All Result
  • Home
  • About Us
  • Advertise
  • Contact Us
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.